On February 27, 2009, the California Board of Equalization ruled that Enterprise Zone (“EZ”) tax credits can be used to offset Alternative Minimum Tax (“AMT”).   The BOE held that the FTB misinterpreted a 1993 bill intended to allow taxpayers to use the EZ credits below the AMT.  This means that taxpayers eligible for the EZ credits can reduce their tax obligations even further and seek refunds of AMT paid in previous years.  Here is a link to a summary of the BOE Decision.

To take advantage of these tax credits, contact us today for a free consultation.

Tags: Alternative Minimum Tax, california tax news, Enterprise Zones, EZ, Tax News

This entry was posted on Friday, March 6th, 2009 at 4:05 am and is filed under Tax News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.