CA SB355

Extends the deadline for making qualified property contributions eligible for the Natural Heritage Preservation Tax Credit from June 30, 2015 to June 30, 2020 under both Personal Income Tax Law and Corporation Tax Law.

Increases the carryover period for tax credits from 8 years to 15 years for qualified contributions made on or after January 1, 2015, allowing unused credits to offset taxes in future years.

Maintains the 55% tax credit equal to the fair market value of qualified property contributions approved by the Wildlife Conservation Board for wildlife habitat, open space, and agricultural land protection.

Applies to contributions made by taxpayers including pass-thru entities (partnerships, S corporations, and limited liability companies treated as partnerships) to the state, local governments, or designated nonprofit organizations.

Takes effect immediately as a tax levy.