Form FTB3531 California Competes Tax Credit - California

What Is the California Competes Tax Credit?

California Form 3531, California Competes Tax Credit , is a legal document used by California-based businesses to report the credit amount for the current year, the amount of tax to be carried over to future years, and the amount of tax recaptured. Additionally, you may use this form to claim pass-through credits.

The California Competes Tax Credit Program is available to existing and prospective businesses of all sizes and across industries that want to come, stay, or grow in California. California Competes Tax Credit (CCTC) is a negotiated state-wide credit that offsets state income or franchise tax. If your business plans to create new full-time jobs in the state, wants to expand over the next five years, and has strategic importance to the state, this is the tax credit for you.

This form was released by the California Franchise Tax Board . The latest version of the form was issued on with all previous editions obsolete. You can download a fillable California Form 3531 through the link below.

To fill out Form 3531, you need to identify your business and name the credit owner, indicate the number of the tax credit agreement and the amount of credit earned, enter the amount of pass-through credit, credit carryover, and credit claimed, and record the total amount of recaptured credit.

Where to Mail Form 3531?

Attach Form 3531 to your tax return. Also, you need to submit Schedule K-1 to show the pass-through credit for each member, beneficiary, shareholder, or member. The mailing address depends on whether you submit documentation with or without payment:

• Without payment - Franchise Tax Board, PO Box 942857, Sacramento, CA 94257-0500 ;
• With payment - Franchise Tax Board, PO Box 942857, Sacramento, CA 94257-0501 .

If you file Form 541, California Fiduciary Income Tax Return, send it to the Franchise Tax Board, PO Box 942840, Sacramento, CA 94240-0001.