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Changes to 2008 Forms

Updates to the Form 3544 on 06/16/2009 –– Election to Assign Credit Within Combined Reporting Group

We replaced text on the Form 3544, on:

  1. Side 1 and Page 1, title of the form/instructions, and title under Important Information Section


  2. Side 1, the Sign Here area


  3. Page 1, Column 2, under Purpose Section

Previous Version

  1. Election to Assign Credit Within Unitary Group


  2. Sign Here
    I attest that the credit assigned by this irrevocable election has not been previously assigned and that the credit assignment is otherwise permitted by law. I further attest that I have disclosed all applicable limitations imposed on the credits assigned and to the accuracy of factual statements made herein. Under penalties of perjury, I declare that I have examined this form, including accompanying schedules and statements, and to the best of my knowledge, it is true, correct, and complete.

    Signature of Officer _____________________ Title _________________________ Date ___/___/___


  3. Use form FTB 3544 to report the following:
    1. The election to assign credits to a member of the unitary group.

Revised Version

  1. Election to Assign Credit Within Combined Reporting Group


  2. We removed the Sign Here area from the form.


  3. Use form FTB 3544 to report the following:
    1. The election to assign credits to a member of the combined reporting group.

Reason for the changes

  1. We revised the form to clarify that the election to assign credit shall be between members of combined reporting group, instead of members of the unitary group.


  2. When the taxpayer files and signs the return, that signature binds the taxpayer as to everything that is on the return. The form FTB 3544 is attached to the main return; therefore, a separate signature on the form is unnecessary.


  3. We revised the form to clarify that the election to assign credit shall be between members of combined reporting group, instead of members of the unitary group.

Impact

There is no tax impact.


Updates to the Form 3544 on 04/09/2009 -- Election to Assign Credit Within Unitary Group

We replaced text on the Form 3544 Instructions, on Page 2, Specific Line Instructions-Credit Assigned Information section, column 1, paragraph 1.

Previous Version

Enter the applicable credit name and credit code in the space provided. For a complete list of eligible credits, see the Credit Table inside the Form 100 Booklet or Form 100W Booklet.

Revised Version

Enter the applicable credit name and credit code in the space provided. For a complete list of eligible credits, see the Credit Table inside the Form 100 Booklet or Form 100W Booklet. Note: The Prior Year Alternative Minimum Tax credit is excluded from the list of credits eligible to be assigned.

Reason for the changes

The current instructions refer to the Credit Table inside Form 100 Booklet or Form 100W Booklet for a complete list of eligible credits. The Credit Table includes the Prior Year Alternative Minimum Tax (AMT) credit.

R&TC Section 23663(a)(1) refers to ".any credit allowed to a taxpayer under this chapter that is an eligible credit." R&TC Section 23663 is in Chapter 3.5. AMT credit is under R&TC Section 23453, which falls within Chapter 2.5. Therefore, the Prior Year AMT credit is not an eligible credit for this purpose and cannot be assigned.

Impact

There is no tax impact because, if the assignor assigned the Prior Year AMT credit to an assignee, the assignee can't use the assigned credit before 1/1/2010.

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