California FTB Releases Form FTB 3544 for Assignment of Income Tax Credit With Instructions

The California Franchise Tax Board March 1 released Form FTB 3544, Assignment of Credit, with instructions for corporate income and individual income tax purposes. Taxpayers must use Side 1, Part A of the form to report the election to assign credits to a member of the combined reporting group and the assignment (assignor’s information, assignee’s information, and the assigned credit amount). Taxpayers must use Side 2, Part B of the form to report the: 1) assigned credit amount received in the prior taxable year and/or carryover from prior taxable years; 2) assigned credit amount claimed in the current taxable year; ...