A taxpayer is utilizing the federal research credit on their return, and wishes to take the California equivalent. Which difference exists between the two jurisdictions on taking this credit?

1. The federal credit is required to be capitalized and amortized over a twenty-year period.
2. The California rate is 15% compared to the federal 20% rate.
3. There is no difference, California just copies the federal value with any possible adjustments just differentiating between in- and out-of-state pro rata calculations on the Schedule CA.
4. California does not have a research credit.