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Details:
• Tax Increase: Beginning on January 1, 2010, the tax rate increased by 0.25%.
• Dependent Exemptions Credits: Beginning on January 1, 2010, the dependent exemption credit decreased from $309 to $98 per dependent exemption.
• Home Credit: For taxable years beginning on or after March 1, 2010, and before March 1, 2011, a home credit against net tax will be allowed for the purchase of a never been occupied home in an amount equal to the lesser of five percent of the purchase price of a qualified principal residence or ten thousand dollars ($10,000).
• California Film and Television Tax Credit: For taxable years beginning on or after January 1, 2011, a film and television credit against the net tax will be allowed. The credit, which is allocated and certified by the California Film Commission, is 20% of expenditures attributable to a qualified motion picture and 25% of production expenditures attributable to an independent film or a TV series that relocates to California. The California Film Commission will accept applications on a first come, first served basis beginning on July 1, 2010. For more information, go to film.ca.gov and search for incentives.
• New Jobs Credit: For taxable years beginning on or after January 1, 2010, a new jobs credit against net tax will be allowed for a qualified employer in the amount of $3,000 for each qualified full-time employee hired during the taxable year that increases the employer’s number of full-time employees over the previous year. This is determined on an annual full-time equivalent basis. Any credits not used in the taxable year may be carried forward up to eight years. For more information go to ftb.ca.gov and search for new jobs or get form FTB 3527, New Jobs Credit.
• Natural Heritage Preservation Credit: The funding for the Natural Heritage Preservation Credit is available beginning January 1, 2011, until June 30, 2015. Currently there is no funding available to award or claim credits for the period from July 1, 2009, to December 31, 2010. However, carryover is not affected for previously awarded credits.
• Mandatory Electronic Payments: You are required to remit all your payments electronically once you make an estimate or extension payment.
• Estimated Tax Payments: Installments due for each taxable year beginning on or after January 1, 2011, shall be 30% of the required annual payment for the 1st required installment, 40% of the required annual payment for the 2nd required installment, no installment is due for the 3rd required installment, and 30% of the required annual payment for the 4th required installment. Taxpayers with a tax liability less than $500 ($250 for married/RDP filing separately) do not need to make estimated tax payments.
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