Changes to 2006 Form
2006 Update to FTB 3503, Natural Heritage Preservation Credit
Revision Date: 06/28/2007
Revision Details: A line to enter a credit carryover from prior years is missing from this form, and the line to add prior year and current year credits is also missing. This revision adds a monetary line and instructions for the credit carryover from prior years.
- Side 1 & 2 of FTB 3503 flat; page 497 of Package X
- Form 3503, Side 1, Part II, line 4, sentence now reads:
It should read:
Multiply the amount on line 2 by the percentage on line 3. If you are the sole donor, enter the amount from line 2.
- Form, side 1, add a new line for credit carryover from prior year(s).
5 Credit carryover from prior year(s). See instructions .........5
- Form, side 1, Part II, add a new line to add both current year and prior year credits together
6 Total available natural heritage preservation credit. Add line 4 and line 5......6
7 Enter the amount of credit claimed on your current tax return. Caution: This amount may be less than the amount on line 6 if your credit is more than your tax liability. See instructions....7
- New line 8, second sentence
8 Credit carryover available for future years. Subtract line 7 from line 6.......8
- Qualifications,side 1, Column 2, 3rd paragraph, 1st sentence
The credit of any qualified contribution passes through to partners..
- Limitations,side 2, column 1, paragraph 4, last sentence
Get Form 568, Limited Liability Company Tax Booklet, for more information.
- Limitations,side 2, column 1, paragraph 6, 1st sentence
This credit cannot reduce the regular tax below the minimum franchise tax (corporations and S corporations), annual tax (limited partnerships, limited liability partnerships, and LLCs classified as a partnership), . . . . . . . .
- Specific Line Instructions,side 2, column 2, Part II, new line inserted
Line 5 Enter the amount from your 2005 form FTB 3503, line 6.
Line 7 renumbered
Line 8 renumbered
These revisions do have tax impact. These revisions should be noted in all printed products prior to June 2007, and 2006 Package X, Pg 497
The Internet version is available for download.