DR 0348P: Remediation of Contaminated Land Credit Pass-Through Schedule (2024)
Colorado · Colorado DOR · Used for tax years 2024
Colorado Form DR 0348P is the 2024 Remediation of Contaminated Land Credit Pass-Through Schedule. Partnerships and S corporations use it to report the credit allocated to each partner or shareholder, including each member’s identifying information, credit percentage, credit amoun
Who files this form
Partnerships and S corporations must complete the 2024 DR 0348P to report the Remediation of Contaminated Land Credit allocated to each partner or shareholder.
Do not complete this form for credit passing through a disregarded entity. Instead, list the disregarded entity in parentheses with the filing taxpayer on DR 0349.
What you'll need
Have the following information ready to complete the schedule:
- The filing taxpayer’s name and applicable identifying numbers: SSN or ITIN, Colorado Account Number, and FEIN.
- The tax year beginning in 2024.
- Each member’s name and SSN or FEIN.
- Each member’s percentage and amount of credit.
- The tax credit certificate number for each listed allocation.
The form also requires reporting the allocations on Colorado K-1 (DR 0106K). DR 0349 is required for amounts allocated to nonresident partners or shareholders included in a composite return.
Common mistakes
- Do not use DR 0348P for credit passing through a disregarded entity. List that entity in parentheses with the filing taxpayer on DR 0349.
- Do not leave the allocations off the partners’ or shareholders’ Colorado K-1 forms. Report them on line 46 of DR 0106K.
- For nonresident partners or shareholders included in a composite return, also report their allocated amounts on DR 0349. This is in addition to DR 0348P and DR 0106K.
- Submit additional pages as needed.
Questions people ask
What is DR 0348P used for?
Partnerships and S corporations use this schedule to report the Remediation of Contaminated Land Credit allocated to each partner or shareholder.
Where do I report each partner’s or shareholder’s allocation on the Colorado K-1?
Report the amount on line 46 of Colorado K-1 (DR 0106K).
What if a nonresident member is included in a composite return?
Report that member’s allocated amount on DR 0349, in addition to DR 0348P and DR 0106K.
What if I need more space to list members?
Submit additional pages as needed.
Where can I find more information about the credit?
See “Income Tax Topics: Remediation of Contaminated Land Credit” at Tax.Colorado.gov, or contact the Colorado Department of Revenue at 303-238-7378.