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§ 17053.36-7. JSF Wage Credit Carryforwards.

18 CA ADC § 17053.36-7Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 18. Public Revenues
Division 3. Franchise Tax Board
Chapter 2.5. Personal Income Tax (Taxable Years Beginning After 12-31-54) (Refs & Annos)
Subchapter 2. Imposition of Tax
Article 1. Joint Strike Fighter Wage Credit
18 CCR § 17053.36-7
§ 17053.36-7. JSF Wage Credit Carryforwards.
JSF Wage Credit Carryforwards -- (See Regulation 17053.36-0 for Table of Contents.)
(a) In General. In any case where the JSF Wage Credit exceeds the “tax,” the excess may be carried forward to reduce the “tax” for the eight taxable years succeeding the taxable year for which the JSF Wage Credit is allowed, if necessary, until the credit is exhausted.
(b) Carryforwards for Pass-Through Entities. In the case of any JSF Wage Credit allowed to a pass-through entity, the determination of the applicable carryover period for any JSF Wage Credit required to be carried forward shall be made at the pass-through entity level.
(c) Carryforwards Permitted After Sunset. For taxable years commencing on or after January 1, 2006, any unused JSF Wage Credit may be carried forward, as provided above, until the unused JSF Wage Credit is exhausted.

Credits

Note: Authority cited: Section 19503, Revenue and Taxation Code. Reference: Section 17053.36, Revenue and Taxation Code.
History
1. New section filed 1-23-2003; operative 2-22-2003 (Register 2003, No. 4).
This database is current through 6/7/24 Register 2024, No. 23.
Cal. Admin. Code tit. 18, § 17053.36-7, 18 CA ADC § 17053.36-7
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