BOE Denies FTB's Appeal and Holds That EZ Credits Can Reduce AMT
Enterprise Zone credits may reduce AMT, says Board
The Board of Equalization has denied the FTB’s petition for rehearing in the Appeal of Nassco Holdings, Inc. (February 25, 2009) Cal. St. Bd. of Equal. Case No. 317434. The Board has also directed its staff to draft a formal opinion in the matter, for consideration.
In the original, unpublished letter decision of Nassco, the Board ruled that a taxpayer may use Enterprise Zone tax credits to reduce AMT. Similarly situated taxpayers, who want to apply their Enterprise Zone credits against AMT, must file claims for refund citing the same arguments that the taxpayer cited in the Nassco appeal.
Tags: AMT, Appeal, board of equalization, BOE, Enterprise Zone Tax Credits, EZ tax credits, FTB, Nassco Holdings