California Form 3503 - Natural Heritage Preservation Credit - 2016 Page 2
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1
2Instructions
D
Limitations
No credit will be allowed unless you received a certificate from the
Part I Wildlife Conservation Board (WCB)
WCB, which shows that your qualified contribution was approved for
acceptance. You must retain the certificate and make it available to the
Qualified Contribution
FTB upon request.
Enter the following information from the certificate you received from
S corporations may claim only 1/3 of the credit against the 1.5%
the WCB:
entity-level tax (3.5% for financial S corporations). The remaining
y Name of donor
2/3 must be disregarded and may not be used as a carryover. In
y Type of property donated
addition, S corporations may pass through 100% of the credit
y Date donation was accepted
to their shareholders under California Revenue and Taxation
y Approved fair market value amount
Code (R&TC) 23803(a).
y Project name
If a C corporation had unused credit carryovers when it elected
y WCB ID #
S corporation status, the carryovers were reduced to 1/3 and transferred
If you have more than one qualified contribution, figure each
to the S corporation. The remaining 2/3 were disregarded. The allowable
contribution on a separate form FTB 3503.
carryovers may be used to offset the 1.5% tax on net income in
accordance with the respective carryover rules. These C corporation
Part II Available Credit
carryovers may not be passed through to shareholders. For more
information, get Schedule C (100S), S Corporation Tax Credits.
Line 3 – Pass-Through Natural Heritage Preservation
If a taxpayer owns an interest in a disregarded business entity [a single
Credit
member limited liability company (SMLLC) not recognized by California,
If you received more than one pass-through credit from S corporations,
and for tax purposes is treated as a sole proprietorship owned by
estates, trusts, partnerships, or LLCs classified as partnerships, add the
an individual or a branch owned by a corporation] the credit amount
amounts and enter the total on line 3. Attach a schedule showing the
received from the disregarded entity that can be utilized is limited to the
names and identification numbers of the entities from which the credits
difference between the taxpayer’s regular tax figured with the income of
were passed through to you.
the disregarded entity, and the taxpayer’s regular tax figured without the
Line 5 – Credit Carryover
income of the disregarded entity.
Enter the carryover amount from your 2015 form FTB 3503.
For more information on SMLLC, get form 568, Limited Liability
Company Tax Booklet.
Line 7a – Credit claimed
If the disregarded entity reports a loss, the taxpayer may not claim the
Do not include assigned credits claimed on form FTB 3544A.
credit this year but can carry over the credit amount received from the
This amount may be less than the amount on line 6 if your credit
disregarded entity to the next succeeding taxable year.
is limited by your tax liability. For more information, see General
This credit cannot reduce the regular tax below the minimum franchise
Information D, Limitations, and refer to the credit instructions in your
tax (corporations and S corporations), annual tax (limited partnerships,
tax booklet. Use credit code 213 when you claim this credit.
limited liability partnerships, and LLCs classified as a partnership),
Line 7b – Total credit assigned
the alternative minimum tax (corporations, exempt organizations,
individuals, and fiduciaries), the built-in gains tax (S corporations), or
Corporations that assign credit to other corporations within combined
the excess net passive income tax (S corporations).
reporting group must complete form FTB 3544. Enter the total amount
This credit can reduce regular tax below Tentative Minimum Tax (TMT).
of credit assigned from form FTB 3544, column (g) on this line..
Get Schedule P (100, 100W, 540, 540NR, or 541), Alternative Minimum
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 – 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.
F
Carryover
If the available credit exceeds the current year tax liability, the
unused credit may be carried over. For credits generated before
January 1, 2015, the credit may be carried over for eight years
or until the credit is exhausted. For credits generated on or after
January 1, 2015, the credit carryover period has been extended to
15 years or until exhausted, whichever occurs first. Apply the carryover
to the earliest taxable year possible. This credit cannot be carried back
and applied against a prior year’s tax.
Page 2 FTB 3503 Instructions 2016
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