Instructions For Arizona Form 315 - Pollution Control Credit

Arizona Form 315

Each S corporation shareholder is entitled to only a pro rata

Enter the applicable taxable year(s) in column (a) on lines 24

share of pass-through credit based on ownership interest in

through 28. In column (b), enter the credit originally computed

the S corporation. The total of the credit allowed to all

for that taxable year. In column (c), enter the amount of the

shareholders may not exceed the amount that would have

credit from that taxable year which has already been used.

been allowed for a sole owner.

Subtract the amount in column (c) from column (b) and enter

the difference in column (d). Add the amounts entered on

If the S corporation passes the credit through to its

lines 24 through 28 in column (d). Enter the total on line 29,

shareholders, it must notify each shareholder of the

column (d). This is the total pollution control credit carryover

shareholder's pro rata share of the adjustment to income

available for the current taxable year.

required by the difference between the federal depreciable

basis and the Arizona depreciable basis of the property for

Part 5 - Total Available Credit

which the credit is claimed. The S corporation must also

Line 30 -

notify the shareholder of the shareholder's pro rata share of

any difference in gain or loss on the sale or other disposition

Individuals, exempt organizations with UBTI, and corporations

of the property due to the difference in basis.

(including S corporations that elected to claim the credit) -

enter the current year's credit from Part 1, line 16.

The S corporation must furnish each shareholder with a copy

of pages 1 and 2 of Form 315. Each shareholder must

S corporation shareholders - enter the credit from Part 2, line 20.

complete Part 4 and Part 5.

Partners of a partnership - enter the credit from Part 3, line 23.

Part 3 - Partner's Share of Credit

This is the current taxable year's pollution control credit.

Lines 21 through 23 -

Line 31 -

The partnership must complete Part 1. Then, complete Part 3,

Enter the amount from Part 4, line 29, column (d). This is the

lines 21 through 23, separately for each partner.

total available credit carryover.

Each partner is entitled to only a pro rata share of the credit

Line 32 -

based on the partner’s ownership interest in the partnership.

Add line 30 and line 31. This is the total available pollution

The total of the credit allowed to all partners may not exceed

control credit that may be applied to the current taxable year's

the amount that would have been allowed for a sole owner.

tax liability.

The partnership must furnish each partner with a copy of

Corporations, exempt organizations with UBTI, and

pages 1 and 2 of Form 315. Each partner must complete

S corporations - enter the total here and on Form 300, Part 1,

Part 4 and Part 5.

line 5, column (c).

Part 4 - Available Credit Carryover

Individuals - enter the total here and on Form 301, Part 1, line 9,

Complete Part 4 only if the allowable pollution control credit

column (c).

for prior taxable years exceeded the Arizona income tax

liability for those taxable years. Calculate the total available

carryover of the pollution control credit on page 2, Part 4,

lines 24 through 29.

Instructions For Arizona Form 315 - Pollution Control Credit - 2014 Page 2

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