Form 3503 - California Natural Heritage Preservation Credit - 2015 Page 2
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2F Carryover
The credit of any qualified contribution passes through to shareholders,
beneficiaries, partners, or members of the pass-through entity in
If the available credit exceeds the current year tax liability, the
accordance with their pro-rata interest in the entity as of the date of
unused credit may be carried over. For credits generated before
the qualified contribution. The term “pass-through entity” means any
January 1, 2015, the credit may be carried over for eight years
S corporation, partnership, or LLC treated as a partnership.
or until the credit is exhausted. For credits generated on or after
D Limitations
January 1, 2015, the credit carryover period has been extended to
15 years or until exhausted, whichever occurs first. Apply the carryover
No credit will be allowed unless you received a certificate from the
to the earliest taxable year possible. This credit cannot be carried back
WCB, which shows that your qualified contribution was approved for
and applied against a prior year’s tax.
acceptance. You must retain the certificate and make it available to the
FTB upon request.
Instructions
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
Part I Wildlife Conservation Board (WCB)
2/3 must be disregarded and may not be used as a carryover. In
Qualified Contribution
addition, S corporations may pass through 100% of the credit to their
shareholders under California R&TC 23803(a).
Enter the following information from the certificate you received from
If a C corporation had unused credit carryovers when it elected
the WCB:
S corporation status, the carryovers were reduced to 1/3 and transferred
• Name of donor
to the S corporation. The remaining 2/3 were disregarded. The allowable
• Type of property donated
carryovers may be used to offset the 1.5% tax on net income in
• Date donation was accepted
accordance with the respective carryover rules. These C corporation
• Approved fair market value amount
carryovers may not be passed through to shareholders. For more
• Project name
information, get Schedule C (100S), S Corporation Tax Credits.
• WCB ID #
If a taxpayer owns an interest in a disregarded business entity [a single
If you have more than one qualified contribution, figure each
member limited liability company (SMLLC) not recognized by California,
contribution on a separate form FTB 3503.
and for tax purposes is treated as a sole proprietorship owned by
an individual or a branch owned by a corporation] the credit amount
Part II Available Credit
received from the disregarded entity that can be utilized is limited to the
difference between the taxpayer’s regular tax figured with the income
Line 3 – Pass-Through Natural Heritage Preservation Credit
of the disregarded entity, and the taxpayer’s regular tax figured without
If you received more than one pass-through credit from S corporations,
the income of the disregarded entity. Get Form 568, Limited Liability
estates, trusts, partnerships, or LLCs classified as partnerships, add the
Company Tax Booklet, for more information.
amounts and enter the total on line 3. Attach a schedule showing the
If the disregarded entity reports a loss, the taxpayer may not claim the
names and identification numbers of the entities from which the credits
credit this year but can carry over the credit amount received from the
were passed through to you.
disregarded entity to the next succeeding taxable year.
Line 5 – Credit Carryover
This credit cannot reduce the regular tax below the minimum franchise
tax (corporations and S corporations), annual tax (limited partnerships,
Enter the carryover amount from your 2014 form FTB 3503.
limited liability partnerships, and LLCs classified as a partnership),
Line 7a – Credit claimed
the alternative minimum tax (corporations, exempt organizations,
individuals, and fiduciaries), the built-in gains tax (S corporations), or
Do not include assigned credits claimed on form FTB 3544A.
the excess net passive income tax (S corporations).
This amount may be less than the amount on line 6 if your credit is lim-
This credit can reduce regular tax below Tentative Minimum Tax (TMT).
ited by your tax liability. For more information, see General Information
Get Schedule P (100, 100W, 540, 540NR, or 541), Alternative Minimum
D, Limitations and refer to the credit instructions in your tax booklet.
Tax and Credit Limitations, for more information.
Use credit code 213 when you claim this credit.
This credit is in lieu of any other state tax credit or deduction that the
Line 7b – Total credit assigned
taxpayer would otherwise be allowed for the contributed property or
Corporations that assign credit to other corporations within combined
interest therein.
reporting group must complete form FTB 3544. Enter the total amount
This credit is not refundable.
of credit assigned from form FTB 3544, column (g) on this line..
E Assignment of Credits
Assigned Credits to Affiliated Corporations – 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 liability. 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.
Page 2 FTB 3503 Instructions 2015
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