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State of California Franchise Tax Board

Changes to 2011 Forms

Updates to the Schedule P (100) Instructions on 03/07/2014 –– Instructions for 100 Schedule P, Alternate Minimum Tax and Credit Limitations –– Corporations

We replaced text on:

Revision 1:

Page 1, Column 1, What’s New section, California Motion Picture and Television Production area, new paragraph under bulleted paragraph.

Revision 2:

Page 5, Credit Table, Code 223 row, Offset Tax in Section column.

Previous Version

Revision 1:

California Motion Picture and Television Production – For taxable years beginning on or after January 1, 2011, a California motion picture and television production credit will be allowed to a qualified taxpayer………………

Revision 2:

Code Current Credits Form Offset Tax in Section
223 California Motion Picture and Television Production FTB 3541 A2

Revised Version

Revision 1:

California Motion Picture and Television Production – For taxable years beginning on or after January 1, 2011, a California motion picture and television production credit will be allowed to a qualified taxpayer………………

The credit can reduce tax below the tentative minimum tax (TMT) for corporations. See Revenue & Taxation Code (R&TC) Section 23036.

Revision 2:

Code Current Credits Form Offset Tax in Section
223 California Motion Picture and Television Production FTB 3541 B

Reason for the changes

AB 1173 (Chaptered 10/04/13) amended R&TC Section 23036 retroactively to allow corporate taxpayers to use the credit to reduce regular tax below tentative minimum tax for taxable years beginning on or after January 1, 2011.

Impact

The amount of credit a corporate taxpayer can claim against tax liability may increase, thereby resulting in decreased tax liability.

Back to Tax Form Changes for 2011

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