Main Street Small Business Tax Credit 1-Tax Year 2020 - Spidell

Main Street Small Business Tax Credit 1-Tax Year 2020

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Message Board Main Street Small Business Tax Credit 1-Tax Year 2020

  • This topic has 8 replies, 3 voices, and was last updated 1 week, 5 days ago by Gerald Weiss.
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    • #313252
      Anonymous
      Participant

      Does anyone know if credit for CA “Main Street Small Business Tax Credit 1” can be claimed on amended tax return?

      If not, then does it mean the credit is lost forever if it is not claimed on the original tax return?

    • #313261
      Anonymous

      It looks like you had to make some sort of reservation with the CDT&FA per their website first, to apply and get the credit – you may want to check out this link:

      https://www.cdtfa.ca.gov/taxes-and-fees/SB1447-tax-credit.htm

       

    • #313268
      Vivian Yang
      Participant

      The credit has been reserved but it was not applied in the original filed tax return. Can my client file an amended tax return to claim this credit?

      Thank you

    • #323418
      Anonymous

      Credit must be claimed on a timely-filed original return. Cannot file an amended return to claim the credit.

    • #323428
      Gerald Weiss
      Participant

      Had the same issue so went to 2021 MS credit.

      • #323455
        Anonymous

        But they are reducing the 2021 MS credit by the 2020 reserved credit even though it was not used.

    • #323462
      Gerald Weiss
      Participant

      Have you called the CDTFA re unusedf 2020 reservation?

      Also 2021 more favorable credit.

      • #323998
        Anonymous

        I emailed them at ftbsbhc@ftb.ca.gov and they said if it was not included in the 2020 return, we cannot even carry it forward. And we cannot combine unused 2020 with 2021 because they are 2 separate credits. It will require legislative action to revive the unclaimed 2020 credit.  We need to call our legislators.

    • #324029
      Gerald Weiss
      Participant

      What would you suggest for legislators, make 2020 credit on timely filed original or amended return?

      Maybe Spidell could help us.

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