California limits tax credit utilization, but allows assignment to unitary affiliates

By enactment of Assembly Bill 1452, tax credits of corporate and personal income taxpayers are limited to 50 percent of the tax for taxable years beginning in 2008 and 2009, and, for taxable years beginning on or after July 1, 2008, corporate taxpayers may assign credits to unitary affiliates, which may utilize the assigned credits beginning in 2010.