California College Access Tax Credit
Extracted from PDF file 2020-california-form-3592.pdf, last modified October 2020
College Access Tax CreditCALIFORNIA FORM TAXABLE YEAR 2020 College Access Tax Credit 3592 Attach to your California tax return. □ SSN or ITIN □ CA Corporation no. □ FEIN Name(s) as shown on your California tax return California Secretary of State file number □ CA Corporation no. □ FEIN Name of Credit Owner 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 What’s New B Credit Limitation – 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 business credits for taxpayers. The total of all business credits including the carryover of any business credit for the taxable year may not reduce the “net tax”, for personal income tax filers, or the “tax”, for corporate filers, by more than $5,000,000. For taxpayers included in a combined report, the limitation is applied at the group level. The business credits disallowed due to the limitation may be carried over. 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 the Low-Income Housing Credit. For taxable years beginning on and after January 1, 2017, and before January 1, 2023, the College Access Tax Credit (CATC) is available to entities awarded the credit from the California Educational Facilities Authority (CEFA). The credit is 50% of the amount contributed by the taxpayer for the taxable year to the College Access Tax Credit Fund. The total amount that the CEFA can allocate for the CATC each year is $500 million. The amount of the credit is allocated and certified by the CEFA. For more information, go to the CEFA website at treasurer.ca.gov and search for catc. General Information A Purpose Use form FTB 3592, College Access Tax Credit, to report the credit amount earned and claimed for the current year and the amount to carryover to future years. Also, use this form to claim pass-through credits received from S corporations, estates, trusts, partnerships, or limited liability companies (LLCs) classified as partnerships. S corporations, estates, trusts, partnerships, and LLCs classified as partnerships should complete form FTB 3592 to figure the amount of credit to pass through to shareholders, beneficiaries, partners, or members. Attach this form to Form 100S, California S Corporation Franchise or Income Tax Return; Form 541, California Fiduciary Income Tax Return; Form 565, Partnership Return of Income; or Form 568, Limited Liability Company Return of Income. Show the pass-through credit for each shareholder, beneficiary, partner, or member on Schedule K-1 (100S, 541, 565, or 568), Share of Income, Deductions, Credits, etc. For Privacy Notice, get FTB 1131 ENG/SP. C Description Qualifications Any business can apply for the CATC. The credit application is available statewide to all industries. To claim the CATC, you must have made a contribution to the CATC Fund administered by the CEFA. You must have received a certificate from the CEFA documenting the amount of the 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 agreement specifies the terms and conditions which must be met in order to claim a credit for the taxable year. D Limitations 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 business credits, including carryover. For taxpayers included in a combined report, the limitation is applied at the group level. The limitation does not apply to the Low-Income Housing Credit. 8451203 FTB 3592 2020 Side 1 S corporations may claim only 1/3 of the credit against the 1.5% entity-level tax (3.5% for financial S corporations). The remaining 2/3 must be disregarded and may not be used as carryover. In addition, S corporations may pass through 100% of the credit to their shareholders. If a taxpayer owns an interest in a disregarded business entity [a single member limited liability company (SMLLC) not recognized by California, and for tax purposes is treated as a sole proprietorship owned by an individual or a branch owned by a corporation], the credit amount a taxpayer receives from the disregarded entity that can be utilized is limited to the difference between the taxpayer’s regular tax figured with the income of the disregarded entity, and the taxpayer’s regular tax figured without the income of the disregarded entity. For more information on SMLLC, get Form 568, Limited Liability Company Tax Booklet. This credit cannot reduce the minimum franchise tax (corporations and S corporations), the annual tax (limited partnerships, limited liability partnerships, and LLCs), the alternative minimum tax (corporations, exempt organizations, individuals, and fiduciaries), the built-in gains tax (S corporations), or the excess net passive income tax (S corporations). If a C corporation had unused credit carryovers when it elected S corporation status, the carryovers were reduced to 1/3 and transferred to the S corporation. The remaining 2/3 were disregarded. The allowable carryovers may be used to offset the 1.5% tax on net income in accordance with the respective carryover rules. These C corporation carryovers may not be passed through to shareholders. For more information, get Schedule C (100S), S Corporation Tax Credits. This credit can reduce regular tax below the tentative minimum tax (TMT). Get Schedule P (100, 100W, 540, 540NR, or 541), Alternative Minimum Tax and Credit Limitations, for more information. This credit is not refundable. E Assignment of Credits Assigned Credits to Affiliated Corporations – Credit earned by members of a combined reporting group may be assigned to an affiliated corporation that is an eligible member of the same combined reporting group. A credit assigned may only be claimed by the affiliated corporation against its tax liabilities. For more information, get form FTB 3544, Assignment of Credit, or go to ftb.ca.gov and search for credit assignment. F Carryover If the available credit exceeds the current year tax liability, the unused credit may be carried over for up to six years or until the credit is exhausted, whichever occurs first. For taxable years beginning on or after January 1, 2020, and before January 1, 2023, the total of all business credits including carryover of any business credit for the taxable year may not reduce tax by more than $5,000,000. The credits disallowed due to the limitation may be carried over. The carryover period for disallowed credit is extended, without regard to carryover provisions, by the number of taxable years the credit was not allowed. In no event can the credit be carried back and applied against a prior year’s tax. If you have a carryover, retain all records that document this credit and carryover used in prior years. The Franchise Tax Board (FTB) may require access to these records. Page 2 FTB 3592 Instructions 2020 Specific Line Instructions Name of credit owner – Enter the name of the credit owner or the name of the entity that generated the tax credit. Also, enter the CA Corporation no., federal employer identification number (FEIN), or the California Secretary of State file number of the credit owner in the space provided. If the name shown on the California return is the same name as the credit owner, enter “same”. Available Credit Skip line 1a and line 1b, if you are only claiming a credit that was allocated to you from a pass-through entity (S corporation, estate, trust, partnership, or LLC). Line 1a– Credit amount from the College Access Tax Credit Allocation Agreement This is the credit amount for the current year as allocated by CEFA. In order to take the credit the taxpayer must have met the terms and conditions under the “Credit Allocation” and “Reporting Requirements” sections of the credit agreement, as applicable. S corporation, estate, trust, partnership, or LLC (classified as a partnership) allocate the line 1a credit to each shareholders, beneficiaries, partners, or members in the same way that income and loss are divided. Line 2 – Pass-through College Access Tax Credit If you received more than one pass-through credit from S corporations, estates, trusts, partnerships, or LLCs, add the amounts and enter the total on line 2. Attach a schedule listing the entity name, entity identification number, and credit amount for all credits passed through to you. Line 4 – Credit carryover from prior years Enter the amount of credit carryover from prior years on line 4. Line 6a – Credit claimed Do not include assigned credits claimed on form FTB 3544, Part B, List of Assigned Credit Received and/or Claimed by Assignee. This amount may be less than the amount on line 5 if your credit is limited by your tax liability. For more information, see General Information D, Limitations, and refer to the credit instructions in your tax 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.
2020 Form 3592 College Access Tax Credit
More about the California Form 3592 Individual Income Tax Tax Credit TY 2020
We last updated the College Access Tax Credit in March 2021, so this is the latest version of Form 3592, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form 3592 directly from TaxFormFinder. You can print other California tax forms here.
Other California Individual Income Tax Forms:
|Form Code||Form Name|
|Form 540||California Resident Income Tax Return|
|Form 540 Schedule CA||California Adjustments - Residents|
|Form 3582||Payment Voucher for Individual e-filed Returns|
|Form 540-540A Instructions||California 540 Form Instruction Booklet|
|Form 540-2EZ||California Resident Income Tax Return|
California usually releases forms for the current tax year between January and April. We last updated California Form 3592 from the Franchise Tax Board in March 2021.
Form 3592 is a California Individual 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 Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of California Form 3592
We have a total of six past-year versions of Form 3592 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2020 Form 3592 College Access Tax Credit
2019 California Form 3592 College Access Tax Credit
2018 Form 3592 - College Access Tax Credit
2017 Form 3592 - College Access Tax Credit
2016 Form 3592 College Access Tax Credit
2015 Form 3592 -- College Access Tax Credit
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