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Form FTB3507 Prison Inmate Labor Credit - California
What Is Form FTB3507?
This is a legal form that was released by the California Franchise Tax Board - a government authority operating within California. As of today, no separate filing guidelines for the form are provided by the issuing department.
FAQ
Q: What is the FTB3507 Prison Inmate Labor Credit?
A: The FTB3507 Prison Inmate Labor Credit is a tax credit available in California.
Q: Who is eligible for the FTB3507 Prison Inmate Labor Credit?
A: Businesses that employ qualified inmates in California prisons are eligible for the tax credit.
Q: What is the purpose of the FTB3507 Prison Inmate Labor Credit?
A: The purpose of the FTB3507 Prison Inmate Labor Credit is to encourage businesses to provide employment opportunities for inmates and reduce recidivism.
Q: How much is the FTB3507 Prison Inmate Labor Credit?
A: The amount of the credit is based on the wages paid to qualified inmates and is generally 30% of the wages paid.
Q: How do I claim the FTB3507 Prison Inmate Labor Credit?
A: To claim the credit, businesses must complete and attach Form FTB3507 to their tax return.
Q: Are there any limitations on the FTB3507 Prison Inmate Labor Credit?
A: Yes, there are limitations on the credit, including a maximum credit of $2,000 per inmate per taxable year.
Form Details:
- Released on January 1, 2017;
- The latest edition provided by the California Franchise Tax Board;
- Easy to use and ready to print;
- Quick to customize;
- Compatible with most PDF-viewing applications;
- Fill out the form in our online filing application.
Download a printable version of Form FTB3507 by clicking the link below or browse more documents and templates provided by the California Franchise Tax Board.
