Program 3.0 California Motion Picture and Television Production Credit – For taxable years beginning on or after January 1, 2020, California Revenue and Taxation Code (R&TC) Sections 17053.8 allow a third film credit, program 3.0, against tax. For more information, get form FTB 3503, Natural Heritage Preservation Credit. All qualified contributions must be made on or before that date. Natural Heritage Preservation Credit – The Natural Heritage Preservation Credit expired on June 30, 2020. For more information, get form FTB 3814, New Donated Fresh Fruits or Vegetables Credit. New Donated Fresh Fruits or Vegetables Credit – For taxable years beginning on or after January 1, 2020, and before January 1, 2022, the list of qualified donation items has been expanded to include raw agricultural products and processed foods.
If the partnership conducted a commercial cannabis activity licensed under the California MAUCRSA, or received flow-through income from another pass-through entity in that business, attach a schedule to the Schedule K-1 (565) showing the breakdown of the following information: The Franchise Tax Board (FTB) uses information from form FTB 4197 for reports required by the California Legislature. Special Reporting for R&TC Section 41 – Beginning in taxable year 2020, partners, members, shareholders, or beneficiaries of pass-through entities conducting a commercial cannabis activity licensed under the California Medicinal and Adult-Use Cannabis Regulation and Safety Act (MAUCRSA) should file form FTB 4197, Information on Tax Expenditure Items. If any amount was included for federal purposes, exclude that amount for California purposes.
E 20/21-182 and the California Small Business COVID-19 Relief Grant Program established by Section 12100.83 of the Government Code. Small Business COVID-19 Relief Grant Program - California allows an exclusion from gross income for grant allocations received by a taxpayer pursuant to the COVID-19 Relief Grant under Executive Order No. R&TC Sections 17024.1.5 have been amended to clarify that, unless otherwise expressly disallowed, federal elections made before a taxpayer becomes a California taxpayer are binding for California tax purposes. Taxpayers should not consider the instructions as authoritative law. It is not possible to include all requirements of the California Revenue and Taxation Code (R&TC) in the instructions.
We include information that is most useful to the greatest number of taxpayers in the limited space available. The instructions provided with California tax forms are a summary of California tax law and are only intended to aid taxpayers in preparing their state income tax returns. 1001, Supplemental Guidelines to California Adjustments, the instructions for California Schedule CA (540 or 540NR), and the Business Entity tax booklets. Additional information can be found in FTB Pub. For more information, go to ftb.ca.gov and search for conformity. When California conforms to federal tax law changes, we do not always adopt all of the changes made at the federal level. However, there are continuing differences between California and federal law. In general, for taxable years beginning on or after January 1, 2015, California law conforms to the Internal Revenue Code (IRC) as of January 1, 2015. References in these instructions are to the Internal Revenue Code (IRC) as of January 1, 2015, and to the California Revenue and Taxation Code (R&TC). 2020 Instructions for Form 565, Partnership Return of Income