315-P: Pollution Control Credit – Distribution to Partners (2024)
Arizona · Arizona DOR · Used for tax years 2024
Arizona Form 315-P reports a corporate partner’s share of a partnership’s pollution control credit for 2024. It also reports the partner’s share of excess depreciation or amortization and/or excess federal adjusted basis.
Who files this form
Partnerships distributing the pollution control credit must complete a separate 2024 Form 315-P for each corporate partner and include a copy with the partnership return.
Corporate partners use the completed Form 315-P to complete their own Form 315 and include a copy of Form 315-P with their return.
Individual partners are no longer eligible to claim this credit.
What you'll need
To complete Form 315-P, have:
- The partnership’s name and employer identification number (EIN).
- The corporate partner’s name, EIN, and ownership percentage.
- The partnership’s Form 315, Part 3, line 18 credit amount.
- The partnership’s excess depreciation/amortization expense and/or excess federal adjusted basis amount.
Corporate partners need the completed Form 315-P to complete their own Form 315 and calculate “Other Additions” on their corporate return.
How to file
Partnerships
- Complete Form 315-P for each corporate partner.
- Give each corporate partner a copy of their completed form.
- Include a copy of each completed form with the partnership return.
- Keep a copy of each completed form for your records.
Corporate partners
- Include the credit amount from Form 315-P, line 4, on your own Form 315, Part 2, line 15.
- Include the amount from Form 315-P, line 6, in the calculation of “Other Additions” on your corporate return.
- Include a copy of the completed Form 315-P with your return and keep a copy for your records.
The form does not provide a mailing address or e-filing instructions.
Common mistakes
- Claiming the credit as an individual partner. The form states that individual partners are no longer eligible.
- Claiming the credit in the wrong year when tax years differ. If you file on a calendar-year basis and the partnership files on a fiscal-year basis, claim the credit for the year in which the partnership’s fiscal year ends.
- Leaving out required copies. Partnerships must include each completed Form 315-P with their return and provide a copy to each corporate partner. Corporate partners must include their completed form with their own return. Both must keep copies for their records.
Questions people ask
How is a corporate partner’s share of the credit calculated?
Multiply the partnership credit amount on line 3 by the corporate partner’s ownership percentage on line 2(c). Enter the result on line 4.
Where does the partnership credit amount come from?
Enter the amount from the partnership’s Form 315, Part 3, line 18, on Form 315-P, line 3.
Where does a corporate partner report their share of the credit?
Include the amount from Form 315-P, line 4, on the corporate partner’s own Form 315, Part 2, line 15.
How is the amount on line 6 used?
Line 6 is the corporate partner’s share of excess federal depreciation or amortization and/or excess federal adjusted basis. Include it in the calculation of “Other Additions” on the corporate return.
What if the partner and partnership use different tax years?
If the corporate partner files on a calendar-year basis and the partnership files on a fiscal-year basis, the partner claims the credit on the return for the year in which the partnership’s fiscal year ends.