Form FTB3592 "College Access Tax Credit" - California

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TAXABLE YEAR
CALIFORNIA FORM
College Access Tax Credit
2021
3592
Attach to your California tax return.
Name(s) as shown on your California tax return
SSN or ITIN
CA Corporation no.
FEIN
California Secretary of State file number
Name of credit owner
CA Corporation no.
FEIN
California Secretary of State file number
Available Credit
1 a Credit amount issued by California Educational Facilities Authority (CEFA). See instructions . . . . . . . .
1a
00
b Credit certificate number
2
Pass-through College Access Tax Credit from Schedule K-1 (100S, 541, 565, or 568). See instructions . .
2
00
3
Total current year credit. Add line 1a and line 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
00
4
Credit carryover from prior year(s). See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
00
5
Total available College Access Tax Credit. Add line 3 and line 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
00
6 a Credit claimed. Enter the amount of the credit claimed on the current year tax return. See instructions.
(Do not include any assigned credit claimed on form FTB 3544, Part B.) . . . . . . . . . . . . . . . . . . . . . . .
6a
00
b Total credit assigned. Enter the total amount from form FTB 3544, Part A, column (g).
If you are not a corporation, enter -0-. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6b
00
7
Credit carryover available for future years. Add line 6a and line 6b, subtract the result from line 5 . . .
7
00
General Information
B
Description
For taxable years beginning on and after January 1, 2017, and before
Credit Limitation – For taxable years beginning on or after
January 1, 2023, the College Access Tax Credit (CATC) is available to
January 1, 2020, and before January 1, 2023, there is a $5,000,000
entities awarded the credit from the California Educational Facilities
limitation on the application of business credits for taxpayers. The total of
Authority (CEFA). The credit is 50% of the amount contributed by the
all business credits including the carryover of any business credit for the
taxpayer for the taxable year to the CATC Fund. The total amount that
taxable year may not reduce the “net tax”, for personal income tax filers,
the CEFA can allocate for the CATC each year is $500 million. The amount
or the “tax”, for corporate filers, by more than $5,000,000. For taxpayers
of the credit is allocated and certified by the CEFA. For more information,
included in a combined report, the limitation is applied at the group level.
go to the CEFA website at treasurer.ca.gov and search for catc.
The business credits disallowed due to the limitation may be carried over.
C
Qualifications
The carryover period for disallowed credits is extended by the number of
taxable years the credit was not allowed. This limitation does not apply to
Any business can apply for the CATC. The credit application is available
all credits, get Schedule P (100, 100W, 540, 540NR, or 541), Alternative
statewide to all industries. To claim the CATC, you must have made a
Minimum Tax and Credit Limitations, and Form 100S, S Corporation Tax
contribution to the CATC Fund administered by the CEFA. You must have
Booklet for more information.
received a certificate from the CEFA documenting the amount of the
A
Purpose
contribution and the credit amount in order to claim the credit. The credit
is allocated by taxable year as set forth in the credit agreement. The credit
Use form FTB 3592, College Access Tax Credit, to report the credit
agreement specifies the terms and conditions which must be met in order
amount earned and claimed for the current year and the amount to
to claim a credit for the taxable year.
carryover to future years. Also, use this form to claim pass-through
credits received from S corporations, estates, trusts, partnerships, or
D
Limitations
limited liability companies (LLCs) classified as partnerships.
S corporations may claim only 1/3 of the credit against the 1.5%
S corporations, estates, trusts, partnerships, and LLCs classified as
entity-level tax (3.5% for financial S corporations). The remaining 2/3
partnerships should complete form FTB 3592 to figure the amount
must be disregarded and may not be used as carryover. In
of credit to pass through to shareholders, beneficiaries, partners, or
addition, S corporations may pass through 100% of the credit to
members. Attach this form to Form 100S, California S Corporation
their shareholders.
Franchise or Income Tax Return; Form 541, California Fiduciary Income
If a taxpayer owns an interest in a disregarded business entity [a single
Tax Return; Form 565, Partnership Return of Income; or Form 568,
member limited liability company (SMLLC) not recognized by California,
Limited Liability Company Return of Income. Show the pass-through
and for tax purposes is treated as a sole proprietorship owned by an
credit for each shareholder, beneficiary, partner, or member on
individual or a branch owned by a corporation], the credit amount a
Schedule K-1 (100S, 541, 565, or 568), Share of Income, Deductions,
taxpayer receives from the disregarded entity that can be utilized is
Credits, etc.
8451213
FTB 3592 2021 Side 1
For Privacy Notice, get FTB 1131 EN-SP.
TAXABLE YEAR
CALIFORNIA FORM
College Access Tax Credit
2021
3592
Attach to your California tax return.
Name(s) as shown on your California tax return
SSN or ITIN
CA Corporation no.
FEIN
California Secretary of State file number
Name of credit owner
CA Corporation no.
FEIN
California Secretary of State file number
Available Credit
1 a Credit amount issued by California Educational Facilities Authority (CEFA). See instructions . . . . . . . .
1a
00
b Credit certificate number
2
Pass-through College Access Tax Credit from Schedule K-1 (100S, 541, 565, or 568). See instructions . .
2
00
3
Total current year credit. Add line 1a and line 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
00
4
Credit carryover from prior year(s). See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
00
5
Total available College Access Tax Credit. Add line 3 and line 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
00
6 a Credit claimed. Enter the amount of the credit claimed on the current year tax return. See instructions.
(Do not include any assigned credit claimed on form FTB 3544, Part B.) . . . . . . . . . . . . . . . . . . . . . . .
6a
00
b Total credit assigned. Enter the total amount from form FTB 3544, Part A, column (g).
If you are not a corporation, enter -0-. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6b
00
7
Credit carryover available for future years. Add line 6a and line 6b, subtract the result from line 5 . . .
7
00
General Information
B
Description
For taxable years beginning on and after January 1, 2017, and before
Credit Limitation – For taxable years beginning on or after
January 1, 2023, the College Access Tax Credit (CATC) is available to
January 1, 2020, and before January 1, 2023, there is a $5,000,000
entities awarded the credit from the California Educational Facilities
limitation on the application of business credits for taxpayers. The total of
Authority (CEFA). The credit is 50% of the amount contributed by the
all business credits including the carryover of any business credit for the
taxpayer for the taxable year to the CATC Fund. The total amount that
taxable year may not reduce the “net tax”, for personal income tax filers,
the CEFA can allocate for the CATC each year is $500 million. The amount
or the “tax”, for corporate filers, by more than $5,000,000. For taxpayers
of the credit is allocated and certified by the CEFA. For more information,
included in a combined report, the limitation is applied at the group level.
go to the CEFA website at treasurer.ca.gov and search for catc.
The business credits disallowed due to the limitation may be carried over.
C
Qualifications
The carryover period for disallowed credits is extended by the number of
taxable years the credit was not allowed. This limitation does not apply to
Any business can apply for the CATC. The credit application is available
all credits, get Schedule P (100, 100W, 540, 540NR, or 541), Alternative
statewide to all industries. To claim the CATC, you must have made a
Minimum Tax and Credit Limitations, and Form 100S, S Corporation Tax
contribution to the CATC Fund administered by the CEFA. You must have
Booklet for more information.
received a certificate from the CEFA documenting the amount of the
A
Purpose
contribution and the credit amount in order to claim the credit. The credit
is allocated by taxable year as set forth in the credit agreement. The credit
Use form FTB 3592, College Access Tax Credit, to report the credit
agreement specifies the terms and conditions which must be met in order
amount earned and claimed for the current year and the amount to
to claim a credit for the taxable year.
carryover to future years. Also, use this form to claim pass-through
credits received from S corporations, estates, trusts, partnerships, or
D
Limitations
limited liability companies (LLCs) classified as partnerships.
S corporations may claim only 1/3 of the credit against the 1.5%
S corporations, estates, trusts, partnerships, and LLCs classified as
entity-level tax (3.5% for financial S corporations). The remaining 2/3
partnerships should complete form FTB 3592 to figure the amount
must be disregarded and may not be used as carryover. In
of credit to pass through to shareholders, beneficiaries, partners, or
addition, S corporations may pass through 100% of the credit to
members. Attach this form to Form 100S, California S Corporation
their shareholders.
Franchise or Income Tax Return; Form 541, California Fiduciary Income
If a taxpayer owns an interest in a disregarded business entity [a single
Tax Return; Form 565, Partnership Return of Income; or Form 568,
member limited liability company (SMLLC) not recognized by California,
Limited Liability Company Return of Income. Show the pass-through
and for tax purposes is treated as a sole proprietorship owned by an
credit for each shareholder, beneficiary, partner, or member on
individual or a branch owned by a corporation], the credit amount a
Schedule K-1 (100S, 541, 565, or 568), Share of Income, Deductions,
taxpayer receives from the disregarded entity that can be utilized is
Credits, etc.
8451213
FTB 3592 2021 Side 1
For Privacy Notice, get FTB 1131 EN-SP.
Specific Line Instructions
limited to the difference between the taxpayer’s regular tax figured with
the income of the disregarded entity, and the taxpayer’s regular tax
Name of credit owner – Enter the name of the credit owner or the name
figured without the income of the disregarded entity.
of the entity that generated the tax credit. Also, enter the CA Corporation
For more information on SMLLC, get Form 568, Limited Liability
no., federal employer identification number (FEIN), or the California
Company Tax Booklet.
Secretary of State file number of the credit owner in the space provided.
This credit cannot reduce the minimum franchise tax (corporations and
If the name shown on the California return is the same name as the credit
S corporations), the annual tax (limited partnerships, limited liability
owner, enter “same”.
partnerships, and LLCs), the alternative minimum tax (corporations,
Available Credit
exempt organizations, individuals, and fiduciaries), the built-in gains tax
(S corporations), or the excess net passive income tax (S corporations).
Skip line 1a and line 1b, if you are only claiming a credit that was
If a C corporation had unused credit carryovers when it elected
allocated to you from a pass-through entity (S corporation, estate, trust,
S corporation status, the carryovers were reduced to 1/3 and transferred
partnership, or LLC).
to the S corporation. The remaining 2/3 were disregarded. The allowable
Line 1a – Credit amount from the College Access Tax Credit Allocation
carryovers may be used to offset the 1.5% tax on net income in
Agreement
accordance with the respective carryover rules. These C corporation
This is the credit amount for the current year as allocated by CEFA.
carryovers may not be passed through to shareholders. For more
In order to take the credit the taxpayer must have met the terms and
information, get Schedule C (100S), S Corporation Tax Credits.
conditions under the “Credit Allocation” and “Reporting Requirements”
This credit can reduce regular tax below the tentative minimum tax
sections of the credit agreement, as applicable.
(TMT). Get Schedule P (100, 100W, 540, 540NR, or 541) for more
S corporation, estate, trust, partnership, or LLC (classified as a
information.
partnership) allocate the line 1a credit to each shareholders, beneficiaries,
This credit is not refundable.
partners, or members in the same way that income and loss are divided.
E
Assignment of Credits
Line 2 – Pass-through College Access Tax Credit
If you received more than one pass-through credit from S corporations,
Assigned Credits to Affiliated Corporations – Credit earned by
estates, trusts, partnerships, or LLCs, add the amounts and enter
members of a combined reporting group may be assigned to an
the total on line 2. Attach a schedule listing the entity name, entity
affiliated corporation that is an eligible member of the same combined
identification number, and credit amount for all credits passed through
reporting group. A credit assigned may only be claimed by the affiliated
to you.
corporation against its tax liabilities. For more information, get form
FTB 3544, Assignment of Credit, or go to ftb.ca.gov and search for
Line 4 – Credit carryover from prior year(s)
credit 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 3544, Part B, List of
If the available credit exceeds the current year tax liability, the unused
Assigned Credit Received and/or Claimed by Assignee.
credit may be carried over for up to six years or until the credit is
exhausted, whichever occurs first. In no event can the credit be carried
This amount may be less than the amount on line 5 if your credit
back and applied against a prior year’s tax. If you have a carryover, retain
is limited by your tax liability. For more information, see General
all records that document this credit and carryover used in prior years.
Information D, Limitations, and refer to the credit instructions in your tax
The Franchise Tax Board (FTB) may require access to these records.
booklet. Use credit code 235 when you claim this credit.
Line 6b – Total credit assigned
Corporations that assign credit to other corporations within the same
combined reporting group must complete form FTB 3544, Part A,
Election to Assign Credit Within Combined Reporting Group. Enter the
total amount of credit assigned from form FTB 3544, Part A, column (g)
on this line.
Franchise Tax Board Privacy Notice on Collection
Our privacy notice can be found in annual tax booklets or online. Go
to ftb.ca.gov/privacy to learn about our privacy policy statement, or
go to ftb.ca.gov/forms and search for 1131 to locate FTB 1131 EN-SP,
Franchise Tax Board Privacy Notice on Collection. To request this notice
by mail, call 800.338.0505 and enter form code 948 when instructed.
Page 2 FTB 3592 Instructions 2021
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