Form 3521 - Low-Income Housing Credit 2011 - California Page 4
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4Specific Line Instructions
Part II – Carryover Computation
sole proprietorship owned by an individual or
a branch owned by a corporation], the credit
Line 2a – The amount of this credit you can
amount received from the disregarded entity
Part I – Credit Computation
claim on your tax return may be limited further.
that can be utilized is limited to the difference
Refer to the credit instructions in your tax
Line 2 – The available credit is the smaller of:
between the taxpayer’s regular tax figured
booklet for more information. The instructions
• The amount designated on form CTCAC 3521A.
with the income of the disregarded entity, and
also explain how to claim this credit on your
• The amount computed in Part III, line 20.
the taxpayer’s regular tax figured without the
tax return. Use credit code number 72
income of the disregarded entity.
If form FTB 3521 is completed by a
when you claim this credit. Also see General
pass-through entity (S corporation, estate
An SMLLC may be disregarded as an entity
Information D, Limitations.
or trust, partnership, or LLC classified as
separate from its owner, and is subject to
Line 2b – Corporations that completed form
a partnership), the entity must attach a
statutory provisions that recognize otherwise
FTB 3544 for this credit, enter the amount from
separate schedule to the form that shows
disregarded entities for certain purposes, for
column (g) on this line.
each shareholder’s, beneficiary’s, partner’s,
example:
or member’s name, identification number,
Part III – Basis Recomputations
• The tax and fee of an LLC
the amount of pass-through credit, and the
• The return filing requirements of an LLC
Use Part III only if the eligible basis decreased
corresponding building identification number.
• The credit limitations previously mentioned
on a project or building.
Line 3 – If you received more than one pass-
Get Form 568, Limited Liability Company Tax
Line 7 – Only the portion of the basis
through credit from S corporations, estates
Booklet, for more information.
attributable to the low-income rental units in the
or trusts, partnerships, or LLCs classified as
If the disregarded entity reports a loss, the
building at the close of the year qualifies for the
partnerships, more than one allocated credit
taxpayer may not claim the credit this year but
credit. This is the smaller of the following:
from affiliate corporations, or a combination
can carry over the credit amount received from
of pass-through and allocated credits, add the
• The percentage of low-income units
the disregarded entity to the next succeeding
amounts and enter the total on line 3. Attach a
to all residential rental units (the “unit
taxable year.
schedule showing the names and identification
percentage”).
numbers of the entities from which the credits
This credit cannot reduce the minimum
• The percentage of floor space of the
franchise tax (corporations and S corporations),
were passed through or allocated to you.
low-income units to the floor space of all
the annual tax (limited partnerships, limited
residential rental units (the “floor space
Important: Affiliated corporations that qualify as
liability partnerships, and LLCs classified
percentage”).
eligible assignees and receive credits assigned
as partnerships), the alternative minimum
under R&TC Section 23663, do not enter any of
Low-income units are units occupied by
tax (corporations, exempt organizations,
these credits from form FTB 3544A on this line.
qualifying tenants, while residential rental units
individuals, and fiduciaries), the built-in gains
The corporation only enters credits allocated
are all units, whether or not occupied.
tax (S corporations), or the excess net passive
under the Low-Income Housing Credit R&TC
income tax (S corporations).
Section 23610.5(q).
This credit can reduce regular tax below
For more information on how to report and
tentative minimum tax. Get the applicable
track assigned credits received by eligible
Schedule P (100, 100W, 540, 540NR, or 541)
assignees under R&TC Section 23663, get form
Alternative Minimum Tax and Credit Limitations,
FTB 3544A.
for more information.
Line 7 – If any part of the amount on line 4 is
This credit is not refundable.
from a passive activity, you must complete
form FTB 3801-CR, Passive Activity Credit
E Assignment of Credits
Limitations, or form FTB 3802, Corporate
Passive Activity Loss and Credit Limitations,
Assigned Credits to Affiliated Corporations –
to determine your allowable credit. Complete
For taxable years beginning on or after July 1,
form FTB 3801-CR or form FTB 3802 before
2008, credit earned by members of a combined
completing the rest of this form.
reporting group may be assigned to an affiliated
You cannot claim the credit on any building that
corporation that is a member of the same
has been allowed any relief from the passive
combined reporting group. A credit assigned
loss rules under Section 502 of the Tax Reform
may only be claimed by the affiliated corporation
Act of 1986.
against its tax in taxable years beginning on or
after January 1, 2010. For more information, get
Line 0 – Affiliated corporations enter only
credits allocated under Low-Income Housing
form FTB 3544, Election to Assign Credit Within
Credit R&TC Section 23610.5(q) on this line. Do
Combined Reporting Group, or form FTB 3544A,
not enter credits assigned from form FTB 3544.
List of Assigned Credit Received and/or Claimed
See line 12b and its specific line instructions for
by Assignee or go to ftb.ca.gov and search for
credit assignment.
more information on how to enter those credits
on this form.
F Carryover
If the available credit exceeds the current year
tax liability, the unused credit may be carried
over to succeeding years until exhausted.
Use Part II to figure your carryover. Apply
the carryover to the earliest taxable year(s)
possible. This credit may not be carried back
and applied against a prior year’s tax.
Page 2 FTB 3521 Instructions 2011
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