California Code of Regulations › Title 18 - Public Revenues › Division 3 - Franchise Tax Board › Chapter 3.5 - Bank and Corporation Tax › Subchapter 3 - Corporation Income Tax › Article 3 - Tax Credits › Section 23663-1 - Definitions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Definitions. For purposes of Regulations 23663-1 through
						23663-6, inclusive, the following definitions shall apply:
(a) Adjustment Date. The term "adjustment
					 date" shall mean the calendar date on which any adjustment under Regulations
					 23663-2 through 23663-5 is made by either the mailing by the Franchise Tax
					 Board of a notice of corrected credit adjustments under Regulations 23663-2
					 through 23663-5, including a notice of proposed assessment under Revenue and
					 Taxation Code section
					 19033,
					 or the date on which the FTB receives a request which is later approved for
					 either a correction of an error under Regulation 23663-4 or to apply Regulation
					 23663-2 or 23663-3. To the extent a final determination of a notice mailed by
					 the FTB modifies, in whole or in part, the allocations reflected in that
					 notice, then such modifications are treated as if made on the adjustment date
					 on which that notice was mailed.
(b) Affiliated Corporation. The term
					 "affiliated corporation" shall mean any corporation that is a member of the
					 same commonly controlled group within the meaning of Revenue and Taxation Code
					 section
					 25105
					 as the assignor.
(c) Aggregated
					 Eligible Assignees. The term "aggregated eligible assignees" shall mean all
					 eligible assignees assigned the same type of identical credits in the same
					 taxable year.
(d) Assignee. The
					 term "assignee" shall mean any corporation (including a successor in interest)
					 to whom an assignor has made an election to assign a credit under Revenue and
					 Taxation Code section
					 23663,
					 and shall also include any affiliated corporation (including a successor in
					 interest) whose identifying information is listed on the defective
					 assignment.
(e) Assignment. The
					 term "assignment" shall mean any election by an assignor to assign a credit to
					 an assignee under the provisions of Revenue and Taxation Code section
					 23663.
					 For purposes of Regulations
					 23663-1
					 through
					 23663-5,
					 each election by an assignor to assign any credit to an assignee shall be
					 treated as a separate assignment.
(f) Assignor. The term "assignor" shall mean
					 any taxpayer (including any successor in interest) who made an election to
					 assign any credit to an assignee.
(g) Closed Year. The term "closed year" shall
					 mean any taxable year for which the Franchise Tax Board determines that it is
					 precluded by law from mailing a notice of proposed deficiency
					 assessment.
(h) Defective
					 Assignment.
(1) The term "defective
					 assignment" shall mean any assignment under Revenue and Taxation Code section
					 23663
					 which does not comply with the requirements of Revenue and Taxation Code
					 section 23663, including, but not limited
					 to, any assignment which:
(A) fails to
					 clearly identify the taxable year from which the credit to be assigned was
					 earned by the assignor;
(B) fails
					 to clearly identify the amount of any credit to be assigned;
(C) fails to clearly identify the type of
					 credit intended to be assigned;
(D)
					 assigns an amount of credit, or when aggregated with other assignments of the
					 same credit in the same taxable year, which exceeds the amount of the
					 assignor's eligible credits for that taxable year;
(E) assigns a credit that is not an eligible
					 credit; or
(F) assigns a credit to
					 an assignee who is not clearly identified or who is not an eligible
					 assignee.