Fillable Form 3592 - California College Access Tax Credit

This credit cannot reduce the minimum franchise tax (corporations and

Name of credit owner – Enter the name of the credit owner or the name

S corporations), the annual tax (limited partnerships, limited liability

of the entity that generated the tax credit. Also, enter the CA Corporation

partnerships, and LLCs), the alternative minimum tax (corporations,

no., FEIN, or the California Secretary of State file number of the credit

exempt organizations, individuals, and fiduciaries), the built-in gains tax

owner in the space provided. If the name shown on the California return

(S corporations), or the excess net passive income tax (S corporations).

is the same name as the credit owner, enter “same”.

If a C corporation had unused credit carryovers when it elected

Available Credit

S corporation status, the carryovers were reduced to 1/3 and transferred

to the S corporation. The remaining 2/3 were disregarded. The allowable

Skip line 1a and line 1b, if you are only claiming a credit that was

carryovers may be used to offset the 1.5% tax on net income in

allocated to you from a pass-through entity (S corporation, estate or

accordance with the respective carryover rules. These C corporation

trust, partnership, or LLC).

carryovers may not be passed through to shareholders. For more

Line 1a– Credit amount from the College Access Tax Credit Allocation

information, get Schedule C (100S), S Corporation Tax Credits.

Agreement

This credit can reduce regular tax below the tentative minimum tax

This is the credit amount for the current year as allocated by CEFA.

(TMT). Get Schedule P (100, 100W, 540, 540NR, or 541), Alternative

In order to take the credit the taxpayer must have met the terms and

Minimum Tax and Credit Limitations, for more information.

conditions under the “Credit Allocation” and “Reporting Requirements”

sections of the credit agreement, as applicable.

This credit is not refundable.

S corporation, estate, trust, partnership, or LLC (classified as a

E Assignment of Credits

partnership) allocate the line 1a credit to each shareholders, beneficiaries,

partners, or members in the same way that income and loss are divided.

Credit earned by members of a combined reporting group may be

Line 2 – Pass-through College Access Tax Credit

assigned to an affiliated corporation that is a member of the same

combined reporting group. A credit assigned may only be claimed by

If you received more than one pass-through credit from S corporations,

the affiliated corporation against its tax liabilities. For more information,

estates, trusts, partnerships, or LLCs, add the amounts and enter the

get form FTB 3544, Election to Assign Credit Within Combined

total on line 2. Attach a schedule listing the entity name, entity identifica-

tion number, and credit amount for all credits passed through to you.

Reporting Group, or form FTB 3544A, List of Assigned Credit Received

and/or Claimed by Assignee or go to ftb.ca.gov and search for credit

Line 4 – Credit carryover from prior years

assignment.

Enter the amount of credit carryover from prior years on line 4.

F Carryover

Line 6a – Credit Claimed

Do not include assigned credits claimed on form FTB 3544A.

If the available credit exceeds the current year tax liability, the unused

This amount may be less than the amount on line 5 if your credit

credit may be carried over for up to six years or until the credit is

is limited by your tax liability. For more information, see General

exhausted, whichever occurs first. In no event can the credit be carried

Information D, Limitations, and refer to the credit instructions in your tax

back and applied against a prior year’s tax. If you have a carryover, retain

booklet. Use credit code 235 when you claim this credit.

all records that document this credit and carryover used in prior years.

Line 6b – Total credit assigned

The Franchise Tax Board may require access to these records.

Corporations that assign credit to other corporations within a combined

Specific Line Instructions

reporting group must complete form FTB 3544. Enter the total amount of

credit assigned from form FTB 3544, column (g) on this line.

Page 2 FTB 3592 Instructions (NEW 2015)

Form 3592 - California College Access Tax Credit - 2015 Page 2

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