http://blog.canditax.com From the tax credit experts Fri, 30 Jul 2010 10:17:06 +0000 http://wordpress.org/?v=2.8.4 en hourly 1 http://blog.canditax.com/2009/09/22/boe-denies-ftbs-appeal-and-holds-that-ez-credits-can-reduce-amt/ http://blog.canditax.com/2009/09/22/boe-denies-ftbs-appeal-and-holds-that-ez-credits-can-reduce-amt/#comments Tue, 22 Sep 2009 23:37:24 +0000 Steven Dotan http://blog.canditax.com/?p=526 Enterprise Zone credits may reduce AMT, says Board
The Board of Equalization has denied the FTB’s petition for rehearing in the Appeal of Nassco Holdings, Inc. (February 25, 2009) Cal. St. Bd. of Equal. Case No. 317434. The Board has also directed its staff to draft a formal opinion in the matter, for consideration.
In the original, unpublished letter decision of Nassco, the Board ruled that a taxpayer may use Enterprise Zone tax credits to reduce AMT. Similarly situated taxpayers, who want to apply their Enterprise Zone credits against AMT, must file claims for refund citing the same arguments that the taxpayer cited in the Nassco appeal.

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