3551: Sale of Credit Attributable to an Independent Film (2025)
California · FTB · Used for tax years 2025
California Form 3551 reports the sale of a tax credit attributable to an independent film. It records seller and buyer information, answers to questions about whether the credit can be sold, certificate details, the amount of credit sold, and the consideration received.
Who files this form
Form 3551 is for sellers reporting a sale of tax credit attributable to an independent film.
The form says the credit cannot be sold if:
- It is not attributable to an independent film.
- The seller purchased it from another taxpayer.
- It is being sold to more than one taxpayer.
- The buyer is a related party.
What you'll need
Have the following information ready:
- CFC Tax Credit Certificate: the seller name shown on the certificate, Tax Credit Certificate number, seller’s permit number, and final tax credit amount.
- Seller and buyer details: names, addresses, and applicable tax identification or entity numbers requested in Part I.
- Partner, member, or shareholder details, if applicable: name, address, identification numbers, and total distributive share of the credit.
- Sale details: total credit being sold and total consideration received.
- Sales and use tax credit details: the credit amount the seller applied or will apply to CDTFA qualified sales and use taxes.
If the credit passed through more than one entity, the form requires an additional schedule. It refers to instructions for that schedule, but those instructions were not provided.
Common mistakes
- Continuing when the credit cannot be sold: Part II says to stop and not complete the rest of the form if the credit is not attributable to an independent film, was purchased from another taxpayer, is being sold to more than one taxpayer, or is being sold to a related party.
- Missing the additional schedule: attach one if the credit passed through more than one entity.
- Repeating the same name: leave the partner, member, or shareholder name field blank if it is the same as the seller name above.
- Skipping the LLC boxes: check the SMLLC box if the seller is a single member LLC. An LLC must also select the appropriate box for its election to be treated as a partnership or corporation.
Questions people ask
Can I resell a credit I bought from another taxpayer?
No. Part II says a credit purchased from another taxpayer cannot be sold.
Can I sell the credit to more than one taxpayer or to a related party?
No. Either situation requires you to stop and not complete the rest of the form.
What if the credit passed through more than one entity?
Attach an additional schedule, then go to Part III. The form refers to Part II instructions for details, but those instructions were not provided.
Who signs the form?
The signature area calls for the seller’s or officer’s signature, title, date, and telephone number.
Can the FTB discuss this form with my paid preparer?
The form has a Yes or No choice asking whether the FTB may discuss it with the preparer shown on the form.