The Franchise Tax Board (FTB) has recently posted information on their website regarding transfer and utilization of tax credits. The links are below:

   FTB Form 3551 Sale of Credit Attributable to an Independent Film - Any independent film that is eligible to transfer their tax credits wil be required 

   to submit a Form 3551 to the Franchise Tax Board. 

    http://www.ftb.ca.gov/individuals/california_motion_picture_and_television_production_credit/index.shtml

   Frequently Asked Questions Regarding Sale and Assignment of This Credit:

    http://www.ftb.ca.gov/individuals/california_motion_picture_and_television_production_credit/faq.shtml