Form FTB3507 Prison Inmate Labor Credit - California

What Is Form FTB3507?

This is a legal form that was released by the California Franchise Tax Board - a government authority operating within California. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is the FTB3507 Prison Inmate Labor Credit?A: The FTB3507 Prison Inmate Labor Credit is a tax credit available in California.

Q: Who is eligible for the FTB3507 Prison Inmate Labor Credit?A: Businesses that employ qualified inmates in California prisons are eligible for the tax credit.

Q: What is the purpose of the FTB3507 Prison Inmate Labor Credit?A: The purpose of the FTB3507 Prison Inmate Labor Credit is to encourage businesses to provide employment opportunities for inmates and reduce recidivism.

Q: How much is the FTB3507 Prison Inmate Labor Credit?A: The amount of the credit is based on the wages paid to qualified inmates and is generally 30% of the wages paid.

Q: How do I claim the FTB3507 Prison Inmate Labor Credit?A: To claim the credit, businesses must complete and attach Form FTB3507 to their tax return.

Q: Are there any limitations on the FTB3507 Prison Inmate Labor Credit?A: Yes, there are limitations on the credit, including a maximum credit of $2,000 per inmate per taxable year.