Reverse Credit Agreement States

The political reason for the credit ban, if the other state allows the credit for taxes paid to California (i.e., the prevention of double credits), does not apply if the reverse credit state does not allow a credit for taxes paid by a group to California that files a compound tax return in the other state. Currently, none of the reverse creditor countries allow a credit for taxes paid to California on the group`s tax return for non-residents. A shareholder of company S is credited with the shareholder`s share in the net and gross taxes on income paid by company S to another state that either does not allow elections of companies S or imposes taxes on companies S and company S treated in the other state as a company S. If you are a person who files a California income tax return or an estate or trust that files a California fiduciary income tax return, use Schedule S to claim a California tax credit on net taxes on income received and paid by another state or the United States. . . .

 

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