The June 2009 issue of FTB Tax News for Tax Professionals came out today and included two items about the California Enterprise Zone program. The first article is technical in nature, titled “Credit Limits for Limited Liability Companies.”
The principles discussed apply to the enterprise zone hiring credit and sales & use tax credit, both of which are credits against California income tax.
“If you are the owner of a disregarded entity, including a single member Limited Liability Company (LLC), the amount of credit you can claim may be limited.” Click here for the rest of the article.