California Form 3546 - Enhanced Oil Recovery Credit - 2016
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1
2CALIFORNIA FORM
TAXABLE YEAR
3546
Enhanced Oil Recovery Credit
2016
Attach to your California tax return.
Name(s) as shown on your California tax return
SSN or ITIN
CA Corporation no.
FEIN
California Secretary of State file number
Available Credit
1 Qualified enhanced oil recovery costs. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
00
00
2 Current year credit. Multiply line 1 by 5% (.05). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
00
3 Pass-through enhanced oil recovery credit from Schedule K-1 (100S, 541, 565, or 568). See instructions . . . . . . 3
00
4 Total current year enhanced oil recovery credit. Add line 2 and line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
00
5 Credit carryover from 2015. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
00
6 Total available enhanced oil recovery credit. Add line 4 and line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
7 a Credit claimed. Enter the amount of the credit claimed on the current year tax return. See instructions.
00
(Do not include any assigned credit claimed on form FTB 3544A.). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7a
b Total credit assigned. Enter the total amount from form FTB 3544, column (g).
00
If you are not a corporation, enter -0-. See instructions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7b
8 Credit carryover available for future years. Add line 7a and 7b, subtract the result from line 6. . . . . . . . . . . . . . . . 8
00
General Information
D
Definitions
for qualified oil recovery projects located
within California. See General Information F,
Qualified enhanced oil recovery costs –
California allows an enhanced oil recovery
Limitations, for limitations on the enhanced oil
1. Any amount the taxpayer pays or incurs
credit similar to the federal enhanced oil
recovery credit.
during the taxable year for tangible property
recovery credit under Internal Revenue Code
C
California and Federal
located within California:
(IRC) Section 43, with exceptions. Unless
Differences
specifically identified otherwise, references
y That is an integral part of a qualified
in these instructions are to the IRC as of
enhanced oil recovery project in
The federal enhanced oil recovery credit under
January 1, 2015, and to the California Revenue
California.
IRC Section 43 and the California enhanced oil
and Taxation Code (R&TC).
y For which depreciation (or amortization)
recovery credit under R&TC Sections 17052.8
is allowable.
A
Purpose
and 23604 are generally the same, except that:
2. Any intangible drilling and
1. The California credit is equal to 5% of the
Use form FTB 3546, Enhanced Oil Recovery
development costs:
qualified enhanced oil recovery costs for
Credit, to figure the current year credit and
y The taxpayer pays or incurs in
qualified oil recovery projects located
any carryover credit for qualified enhanced oil
connection with a qualified enhanced
within California. The federal credit is
recovery costs for qualified oil recovery projects
oil recovery project located
equal to 15% of the qualified enhanced oil
located within California. Also use this form
within California.
recovery costs for qualified oil recovery
to claim pass-through enhanced oil recovery
y For which the taxpayer elects to
projects located within the United States. It
credits you received from S corporations,
capitalize and amortize such costs
includes the seabed and subsoil adjacent to
estates, trusts, partnerships, or limited liability
under IRC Section 263(c) and R&TC
the territorial waters of the United States as
companies (LLCs) classified as partnerships.
Sections 17201 and 24423.
defined under IRC Section 638(1).
S corporations, estates, trusts, partnerships,
3. Any qualified tertiary injectant expenses the
2. California does not allow the enhanced oil
and LLCs classified as partnerships should
taxpayer pays or incurs in connection with
recovery credit for the following taxpayers:
complete form FTB 3546 to figure the amount
a qualified enhanced oil recovery project
y Taxpayers who are retailers of oil
of credit to pass through to shareholders,
located within California.
beneficiaries, partners, or members. Attach this
or natural gas (excluding bulk sales
For California Personal Income Tax Law and
form to Form 100S, California S Corporation
of aviation fuels) and sell directly
Corporation Tax Law purposes, taxpayers
Franchise or Income Tax Return; Form 541,
or through a related person to the
must capitalize and deduct tertiary injectant
Department of Defense. See IRC
California Fiduciary Income Tax Return;
costs through depreciation because
Form 565, Partnership Return of Income; or
Sections 613A(d)(2) and 613A(d)(3) for
California has not conformed to the
Form 568, Limited Liability Company Return of
more information.
provisions of IRC Section 193.
Income. Show the pass-through credit for each
y Taxpayers (or related persons) who
are refiners of crude oil and, on any
shareholder, beneficiary, partner, or member
Qualified enhanced oil recovery project – Any
on Schedule K-1 (100S, 541, 565, or 568),
day during the taxable year, whose
project located within California involving the
Share of Income, Deductions, Credits, etc.
daily refinery output exceeded 50,000
application of one or more tertiary recovery
barrels. See IRC Section 613A(d)(4) for
methods defined in IRC Section 193(b)(3),
B
Description
more information.
and mentioned below, that you can reasonably
expect to result in more than an insignificant
3. Taxpayers may carry over the California
The California enhanced oil recovery credit is
increase in the amount of crude oil recovery.
credit for 15 years. The credit is subject
available for taxable years beginning on or after
to limitations described in General
January 1, 1996. The tentative enhanced oil
Information F, Limitations. The federal credit
recovery credit is equal to 5% (representing
is part of the general business credit subject
1/3 of the federal enhanced oil recovery credit)
to the limitations imposed by IRC Section 38.
of the qualified enhanced oil recovery costs
FTB 3546 2016 (REV 02-17) Side 1
7361163
For Privacy Notice, get FTB 1131 ENG/SP.
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