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FTB “Tax News” January 2009

Here is the January 2009 edition of the FTB’s “Tax News” newsletter.

This issue includes information regarding the changes to tax credit usage implemented in AB 1452.  It includes the following guideline to determine if a business falls under the $500,000 threshold set by the legislation:

For individual taxpayers, net business income is generally reported on federal Form 1040 Schedules C, E, F, or Form 4797 (as adjusted for California purposes). For business entities, all California income is included to determine if the $500,000 threshold is met.

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