California Form 3503 - Natural Heritage Preservation Credit - 2012 Page 2
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2D Limitations
F Carryover
No credit will be allowed unless you received a certificate from the
If the available credit exceeds the current year tax liability, the unused
WCB, which shows that your qualified contribution was approved for
credit may be carried over to the following year and the succeeding
acceptance . You must retain the certificate and make it available to the
seven years until the credit is exhausted . Apply the carryover to the
FTB upon request .
earliest taxable year(s) possible . This credit cannot be carried back and
applied against a prior year’s tax .
S corporations may claim only 1/3 of the credit against the 1 .5%
entity-level tax (3 .5% for financial S corporations) . The remaining
Specific Line Instructions
2/3 must be disregarded and may not be used as a carryover . In
addition, S corporations may pass through 100% of the credit to their
shareholders under California R&TC 23803(a) .
Part I Wildlife Conservation Board (WCB)
If a C corporation had unused credit carryovers when it elected
Qualified Contribution
S corporation status, the carryovers were reduced to 1/3 and transferred
to the S corporation . The remaining 2/3 were disregarded . The allowable
Enter the following information from the certificate you received from
carryovers may be used to offset the 1 .5% tax on net income in
the WCB:
accordance with the respective carryover rules . These C corporation
• Name of donor
carryovers may not be passed through to shareholders . For more
• Type of property donated
information, get Schedule C (100S), S Corporation Tax Credits .
• Date donation was accepted
If a taxpayer owns an interest in a disregarded business entity [a single
• Approved fair market value amount
member limited liability company (SMLLC) not recognized by California,
• Project name
and for tax purposes is treated as a sole proprietorship owned by
• WCB ID #
an individual or a branch owned by a corporation] the credit amount
If you have more than one qualified contribution, figure each
received from the disregarded entity that can be utilized is limited to the
contribution on a separate form FTB 3503 .
difference between the taxpayer’s regular tax figured with the income of
Part II Credit Computation
the disregarded entity, and the taxpayer’s regular tax figured without the
income of the disregarded entity .
Line 3 – Pass-Through Natural Heritage Preservation Credit
An SMLLC may be disregarded as an entity separate from its owner, and
is subject to statutory provisions that recognize otherwise disregarded
If you received more than one pass-through credit from S corporations,
entities for certain purposes, for example:
estates or trusts, partnerships, or LLCs classified as partnerships, add
the amounts and enter the total on line 3 . Attach a schedule showing the
• The tax and fee of an LLC
names and identification numbers of the entities from which the credits
• The tax return filing requirements of an LLC
were passed through to you .
• The credit limitations previously mentioned
Get Form 568, Limited Liability Company Tax Booklet, for
Line 5 – Credit Carryover
more information .
Enter the carryover amount from your 2011 form FTB 3503 .
If the disregarded entity reports a loss, the taxpayer may not claim the
Line 7a – Credit Claimed (excluding assigned credits claimed
credit this year but can carry over the credit amount received from the
on form FTB 3544A)
disregarded entity to the next succeeding taxable year .
The amount of this credit that you may claim on your tax return may
This credit cannot reduce the regular tax below the minimum franchise
be limited . Refer to the credit instructions in your tax booklet for more
tax (corporations and S corporations), annual tax (limited partnerships,
information . The instructions also explain how to claim this credit on
limited liability partnerships, and LLCs classified as a partnership),
your tax return . Use credit code number 213 when you claim this credit .
the alternative minimum tax (corporations, exempt organizations,
Also see General Information D, Limitations .
individuals, and fiduciaries), the built-in gains tax (S corporations), or
the excess net passive income tax (S corporations) .
Line 7b – Credit Assigned to other Corporations
This credit can reduce regular tax below Tentative Minimum Tax (TMT) .
Corporations that complete form FTB 3544 for this credit, enter the
Get Schedule P (100, 100W, 540, 540NR, or 541), Alternative Minimum
amount from column (g) on this line .
Tax and Credit Limitations, for more information .
This credit is in lieu of any other state tax credit or deduction that the
taxpayer would otherwise be allowed for the contributed property or
interest therein .
This credit is not refundable.
E Assignment of Credits
Assigned Credits to Affiliated Corporations – For taxable years
beginning on or after July 1, 2008, credit earned by members of a
combined reporting group may be assigned to an affiliated corporation
that is a member of the same combined reporting group . A credit
assigned may only be claimed by the affiliated corporation against its
tax in taxable years beginning on or after January 1, 2010 . For more
information, get form FTB 3544, Election to Assign Credit Within
Combined Reporting Group, or form FTB 3544A, List of Assigned Credit
Received and/or Claimed by Assignee or go to ftb.ca.gov and search for
credit assignment .
Side 2 FTB 3503 2012
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