100S Schedule C: S Corporation Tax Credits (2024)
California · FTB · Used for tax years 2024
California Schedule C (100S) is used by S corporations to determine the allowable tax credits to claim on the 2024 Form 100S and credit carryovers to future years. It reports credit amounts, prior-year carryovers, credits used this year, and the tax balance that may be offset by
Who files this form
Schedule C (100S) is for S corporations only. Use it to determine the tax credits you can claim on your 2024 Form 100S and the credit carryover to future years. Attach Schedule C to Form 100S.
What you'll need
Have the following ready:
- Your corporation name and California corporation number.
- Form 100S, including the regular tax amount from Side 2, line 21.
- The minimum franchise tax and any applicable QSub annual taxes.
- Each credit’s name, code, amount generated, and prior-year carryover.
- All supporting credit forms, completed and attached to Form 100S.
- Form FTB 3544, Side 2, Part B, column (j), if you are claiming assigned credits.
- An additional schedule if you are claiming more than seven credits.
How to file
Attach Schedule C (100S) and all completed supporting credit forms to your 2024 Form 100S.
- Enter the regular tax from Form 100S, Side 2, line 21, on Schedule C, line 1.
- Enter the minimum franchise tax plus any applicable QSub annual taxes on line 2.
- Subtract line 2 from line 1. If the result is zero or less, enter 0 on line 3.
- Enter each credit’s code, name, and amounts. Attach an additional schedule if you claim more than seven credits.
- For the first two credits, enter the credit name, code, and amount used on Form 100S, Side 2, lines 22 and 23. Enter the total of any remaining credits used on line 24.
The supplied text does not provide a mailing address or e-file instructions.
Common mistakes
- Entering the full credit generated in column (a). The amount must be limited to one-third of the total credit generated for each credit.
- Using more credit than is available. Credit used in column (c) cannot exceed column (a) plus column (b).
- Overlooking the credit limitation. If the S corporation is subject to the limitation, total credits in column (c) cannot exceed $5,000,000. The limitation does not apply to the Low-Income Housing Credit.
- Leaving out part of an assigned credit claim. The amount claimed or used for a specific credit must include both the assigned credit claimed from Form FTB 3544, Side 2, Part B, column (j), and the credit claimed that was generated by the assignee.
- Forgetting attachments. Complete and attach all supporting credit forms to Form 100S. Attach an additional schedule to claim more than seven credits.
Questions people ask
What does Schedule C (100S) calculate?
It determines the allowable tax credits to claim on the 2024 Form 100S and the credit carryover to future years.
When does the $5,000,000 credit limitation apply?
It applies to taxable years beginning on or after January 1, 2024, and before January 1, 2027. Total credits, including carryovers, may not reduce tax by more than $5,000,000. The Low-Income Housing Credit is excluded from this limitation. For taxpayers in a combined report, the limitation applies at the group level.
Can an S corporation receive a refundable credit for credits disallowed by the limitation?
No. The S corporation may not elect a refundable credit for those disallowed credits. They may be carried over, and the carryover period is extended by the number of taxable years the credit was not allowed.
What if I claim more than two credits?
Report the first two credits separately on Form 100S, Side 2, lines 22 and 23. Enter the total amount of the remaining credits used on line 24. If you claim more than seven credits, attach an additional schedule.