A common owner is an individual or entity that owns more than 50 percent (directly or indirectly) of any single member of a combined group. The common owner may not be the same as the entity that files the franchise tax report (reporting entity).
The reporting entity of a combined group with a temporary credit for business loss carryforward preserved for itself and/or its affiliates must submit common owner information by the report’s annual due date. Even if the combined group is not claiming the credit on the current year's report, the Common Owner Information Report is required for these entities, and the franchise tax report is incomplete without it.
Submit the common owner information when filing your franchise tax report to prevent processing delays. If you submit the common owner information after you file your report, it will NOT immediately process to your account.
Have these items ready before you begin:
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