Form 3511 - Environmental Tax Credit - 2007 (Page 2 of 2) in pdf

TAXABLE YEAR

CALIFORNIA FORM

2007

Environmental Tax Credit

3511

Attach to your California tax return.

For calendar year 2007 or fiscal year beginning month ________day_______year 2007, and ending month _______day______year______.

 SSN or ITIN

 Corporation no.  FEIN

Name(s) as shown on your California tax return

Secretary of State (SOS) file number

Part I Current Year Credit

1 Ultra low sulfur diesel fuel produced (in gallons). See instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 _______________________________

2 Multiply line 1 by 5 cents (.05) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 _______________________________

3 Qualified capital costs limitation. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 _______________________________

4 Total ultra low sulfur diesel fuel production credits allowed for all prior tax years . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 _______________________________

5 Subtract line 4 from line 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 _______________________________

6 Enter the smaller of line 5 or line 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 _______________________________

7 Ultra low sulfur diesel fuel production credits from pass-through entities:

If you are a:

Then enter the credit(s) from:

Shareholder

Schedule K-1 (100S)

Beneficiary

Schedule K-1 (541)

Partner

Schedule K-1 (565)

Member

Schedule K-1 (568)

. . . . . . . . . . . . . . . . . . . . . . . . . .7 _______________________________

8 Current year credit. Add line 6 and line 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 _______________________________

9 Credit carryover from prior year(s). See instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 _______________________________

10 Total available environmental tax credit. Add lines 8 and 9.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10 _______________________________

11 Enter the amount of credit claimed on the current year tax return. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . .11 _______________________________

This amount may be less than the amount on line 6 if your credit is limited by tentative minimum tax on your

tax liability.

12 Credit carryover available for future years. Subtract line 11 from line 10 and enter amount here . . . . . . . . . . . . . . . .12 _______________________________

Part II Credit Recapture

1 Credit Recapture. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 _______________________________

What’s New

small refiner at any facility located in California. The aggregate credit

for any taxable year with respect to the facility cannot exceed 25% of

Round cents to dollars – beginning with the 2007 tax forms, round

the qualified capital costs incurred by the small refiner reduced by the

cents to the nearest whole dollars. For example, round $50.50 up to $51

aggregate credits for all prior taxable years.

or round $25.49 down to $25.

C Qualifications

General Information

To qualify for this credit, a small refiner must request from the California

A Purpose

Air Resources Board (CARB) a certification that both of the following

are true:

Use form FTB 3511 to figure the environmental tax credit for ultra low

• The items for which qualified capital costs were paid or incurred are

sulfur diesel fuel produced by a small refiner located in California. Also

for compliance with the applicable Environmental Protection Agency

use this form to claim pass-through environmental tax credits, received

(EPA) or CARB regulations.

from S corporations, estates or trusts, partnerships, or limited liability

• The small refiner placed the items, for which qualified capital costs

companies (LLCs) classified as partnerships, for ultra low sulfur diesel

were paid or incurred, in service.

fuel produced by a small refiner located in California.

D Definitions

S corporations, estates or trusts, partnerships, and LLCs classified

as partnerships should complete form FTB 3511 to figure the

1. “Ultra low sulfur diesel fuel” includes the following:

amount of credit to pass through to S corporation shareholders,

beneficiaries, partners, or members. Attach this form to Form 100S,

• Diesel fuel with a sulfur content of 15 parts per million or less.

Form 541, Form 565, or Form 568. Show the pass-through credit for

• Vehicular diesel fuel produced and sold by a small refiner on or

each S corporation shareholder, beneficiary, partner, or member on

after June 1, 2006. Or, if sold before June 1, 2006, the refiner

Schedule K-1 (100S, 541, 565, or 568).

specifically identifies and supports through internal test reports

as meeting applicable CARB regulations.

B Description

2. “Small refiner” is any refiner who owns or operates a refinery in

The California environmental tax credit is available for each taxable year

California that:

beginning on or after July 1, 2005, and before January 1, 2018. The

• Has had at all times since January 1, 1978, a crude oil capacity of

environmental tax credit is equal to five cents ($0.05) for each gallon

not more than 55,000 barrels per stream day.

of ultra low sulfur diesel fuel produced during the taxable year by a

7291073

FTB 3511 2007

For Privacy Notice, get form FTB 1131.

Form 3511 - Environmental Tax Credit - 2007 Page 2

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