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Oklahoma Refundable Credit for Electricity Generated by Zero-Emission Facilities
Extracted from PDF file 2023-oklahoma-form-578.pdf, last modified October 2014Refundable Credit for Electricity Generated by Zero-Emission Facilities
Refundable Credit for Electricity Generated by Zero-Emission Facilities Name as Shown on Return: FORM State of Oklahoma 578 2 0 2 3 Federal Employer Identification Number or Social Security Number: SELECT ONE: 1. You are the entity who originally generated the credit. -or2. You are the person/entity to whom the credit was allocated. If you selected Number 2, enter the Name and FEIN of the pass-through entity that allocated the credit to you. Name: _______________________________________________ FEIN: ________________________ Check the box to indicate the type of renewable resource used by the zero-emission facility as its fuel source to generate electricity: Wind Moving water, sun or geothermal energy Credit Computation 1 Enter your total Credit for Electricity Generated by Zero-Emission Facilities based on electricity generated during the tax year. (Do not include any credit being carried over from tax year 2013 or prior) ................................................. _______________________ 2 Enter the Credit for Electricity Generated by Zero-Emission Facilities you claimed on Form 511-CR, Column B, line 9a............................................... _______________________ 3 Subtract line 2 from line 1. This is the face amount of the credit eligible for a partial refund............................................................................................... _______________________ Rate..................................................................................................................... 85% 4 5 Total Refundable Credit - Multiply line 3 by line 4. Round to the nearest whole dollar. (Enter here and on the Refundable Credits line of the income tax return)................................................................................................ ____________________ . 00 2023 Form 578 Page 2 Refundable Credit for Electricity Generated by Zero-Emission Facilities Instructions Title 68 OS Sec. 2357.32A General Information Credits earned, but not used, based on electricity generated during the tax year, may be refunded to the taxpayer at 85% of the face amount of the credits. With respect to electricity generated by wind, the facility must be placed in operation no later than July 1, 2017. If the taxpayer is a pass-through entity and does not file a claim for a direct refund, the pass-through entity may allocate the credit to one or more of its shareholders, partners or members. The total amount of credits refunded or allocated may not exceed the amount of the credit or refund to which the pass-through entity is entitled. Form 578 is to be completed by the taxpayer claiming the credit on their income tax return. Do not complete this form if the election was made to not receive a direct refund and instead carry the unused credit over for a period not to exceed 10 years. Any credit remaining in the 10th year will be refunded at 85%. NOTE: Credits generated from water, sun or geothermal energy have an overall cap. No more than $500,000 of the credit may be allowed to offset tax or be refunded in a taxable year. For tax year 2023, the full amount of statutory credit is available. Instructions Line 1 • If you are the entity which generated the credit, enter the total credit for electricity generated during the tax year. • If the credit was allocated to you as a shareholder, partner or member, enter your allocated share of the total credit for electricity generated during the tax year. • Do not include any unused credit being carried forward from tax year 2013 or prior. Line 2 - Enter the amount included on line 1 that is being claimed on Form 511-CR, Column B, line 9a as a nonrefundable credit. Line 3 - Subtract line 2 from line 1 to determine the face amount of the credit eligible for the 85% refund. Line 5 - Multiply line 3 by line 4 to determine the amount to be refunded. Round to the nearest whole dollar; do not enter cents. Enter here and on the Refundable Credits line of your income tax return.
2023 Form 578 Refundable Credit for Electricity Generated by Zero-Emission Facilities
More about the Oklahoma Form 578 Corporate Income Tax Tax Credit TY 2023
We last updated the Refundable Credit for Electricity Generated by Zero-Emission Facilities in January 2024, so this is the latest version of Form 578, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 578 directly from TaxFormFinder. You can print other Oklahoma tax forms here.
Other Oklahoma Corporate Income Tax Forms:
TaxFormFinder has an additional 54 Oklahoma income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form 564 | Credit for Employees in the Aerospace Sector (you will also need Form 511CR) |
| Form 500-A | Information Return |
| Form 500B | Information Return - Report of Nonresident Member Income Tax Withheld |
| Form 501 | Annual Information Return (reconciliation for Forms 500, 500A and 500B) |
| Form 576 | Natural Disaster Tax Credit |
View all 55 Oklahoma Income Tax Forms
Form Sources:
Oklahoma usually releases forms for the current tax year between January and April. We last updated Oklahoma Form 578 from the Tax Commission in January 2024.
Form 578 is an Oklahoma Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Oklahoma Form 578
We have a total of ten past-year versions of Form 578 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form 578
2023 Form 578 Refundable Credit for Electricity Generated by Zero-Emission Facilities
2022 Form 578
2022 Form 578 Refundable Credit for Electricity Generated by Zero-Emission Facilities
2021 Form 578
2021 Form 578 Refundable Credit for Electricity Generated by Zero-Emission Facilities
2014 Form 578
578
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