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CALIFORNIA DECEMBER 31, 2009 The Franchise Tax Board has announced that it is developing procedures and forms for claiming the California Film and Television Tax Credit that will be allowable to offset state income and franchise tax liabilities for tax years beginning on or after January 1, 2011. Taxpayers can claim the credit after the California Film Commission issues a credit certificate. In lieu of claiming the credit against their income tax, a qualified taxpayer may make an irrevocable election to apply the credit amount against qualified sales and use tax liabilities For more information please contact: Joe Bessacini |
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