California S Corporation Tax Credits
Extracted from PDF file 2020-california-form-100-s-schedule-c.pdf, last modified November 2020
S Corporation Tax CreditsTAXABLE YEAR 2020 CALIFORNIA SCHEDULE C (100S) S Corporation Tax Credits For use by S corporations only. Attach to Form 100S. Corporation name • Complete and attach all supporting credit forms to Form 100S. • To claim more than seven credits, attach schedule. California corporation number (a) Credit amount limited to 1/3 of total (b) Carryover from prior year (c) *Credit used this year, not more than col. (a) + col. (b) (d) Tax balance that may be offset by credits (e) Credit carryover to 2021 1 Regular tax from Form 100S, Side 2, line 21 . . . . . . . . . . . . . . . . . 2 Minimum franchise tax plus QSub annual tax(es), if applicable. . . 3 Subtract line 2 from line 1. If zero or less, enter -0- . . . . . . . . . . . . 4 Code: ____ ____ ____ Credit name:_______________________ 5 Code: ____ ____ ____ Credit name:_______________________ 6 Code: ____ ____ ____ Credit name:_______________________ 7 Code: ____ ____ ____ Credit name:_______________________ 8 Code: ____ ____ ____ Credit name:_______________________ 9 Code: ____ ____ ____ Credit name:_______________________ 10 Code: ____ ____ ____ Credit name:_______________________ *If the S corporation is subject to the credit limitation, the total of credits in column (c) cannot exceed $5,000,000. For the first two credits enter the credit name, code and amount of credit used on Form 100S, Side 2, line 22 and line 23. If more than two credits, enter the total amount of any remaining credits used on Form 100S, Side 2, line 24. Important Information For taxable years beginning on or after January 1, 2020, and before January 1, 2023, there is a $5,000,000 limitation on the application of credits. The total of all credits including the carryover of any credit for the taxable year may not reduce the “tax” by more than $5,000,000. The total amount of specific credit claimed/used on Schedule C (100S), S Corporation Tax Credits, should include both: (1) the total assigned credit claimed from form FTB 3544, Assignment of Credit, Side 2, Part B, column (j), and (2) the amount of credit claimed that was generated by the assignee. Purpose Use Schedule C (100S) to determine the allowable amount of tax credits to claim on the 2020 Form 100S, California S Corporation Franchise or Income Tax Return, and the credit carryover to future years. For more information, see General Information Z, Passive Activity Loss Limitation; AA, Passive Activity Credits; and BB, Tax Credits; included in this booklet. The amount entered in column (a) must be limited to 1/3 the amount of the total credit generated, per credit. 7721203 Schedule C (100S) 2020
2020 Form C (100S) S Corporation Tax Credits
More about the California Form 100-S Schedule C Corporate Income Tax Tax Credit TY 2020
We last updated the S Corporation Tax Credits in March 2021, so this is the latest version of Form 100-S Schedule C, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form 100-S Schedule C directly from TaxFormFinder. You can print other California tax forms here.
Related California Corporate Income Tax Forms:
|Form Code||Form Name|
|Form 100-S||California S Corporation Franchise or Income Tax Return|
|Form 100-S Schedule K-1||Shareholder's Share of Income, Deductions, Credits, etc|
|Form 100 Schedule R||Apportionment and Allocation of Income|
|Form 100 Schedule P||Alternate Minimum Tax and Credit Limitations - Corporations|
|Form 100-S Schedule QS||Qualified Subchapter S Subsidiary (QSub) Information|
|Form 100-S Schedule B||S Corporation Depreciation and Amortization|
|Form 100 Schedule H||Dividend Income Deduction|
|Form 100-S Schedule D||S Corporation Capital Gains and Losses and Built-In Gains|
|Form 100-S Schedule H||S Corporation Dividend Income Deduction|
California usually releases forms for the current tax year between January and April. We last updated California Form 100-S Schedule C from the Franchise Tax Board in March 2021.
Form 100-S Schedule C is a California Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of California Form 100-S Schedule C
We have a total of six past-year versions of Form 100-S Schedule C in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2020 Form C (100S) S Corporation Tax Credits
2019 Schedule C (100S) S Corporation Tax Credits
2018 Schedule C (100S) - S Corporation Tax Credits
2017 Schedule C (100S) - S Corporation Tax Credits
2016 100 S Schedule C -- S Corporation Tax Credits
2015 Schedule C (100S) -- S Corp Tax Credits
While we do our best to keep our list of California Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.