Cal. Code Regs. Tit. 18, §§ 17053.37-9

Current through Register 2024 Notice Reg. No. 44, November 1, 2024

Section 17053.37-9 - JSF Property Credit Carryforwards

JSF Property Credit Carryforwards -- (See Regulation 17053.37-0 for Table of Contents.)

(a) In General. In any case where the JSF Property 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 Property Credit is allowed, if necessary, until the credit is exhausted.

(b) Carryforwards for Pass-Through Entities. In the case of any JSF Property Credit allowed to a pass-through entity, the determination of the applicable carryover period for any JSF Property 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 Property Credit may be carried forward, as provided above, until the unused JSF Property Credit is exhausted.

Cal. Code Regs. Tit. 18, §§ 17053.37-9

1. New section filed 1-23-2003; operative 2-22-2003 (Register 2003, No. 4).

Note: Authority cited: Section 19503, Revenue and Taxation Code. Reference: Section 17053.37, Revenue and Taxation Code.

1. New section filed 1-23-2003; operative 2-22-2003 (Register 2003, No. 4).