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Oklahoma Credit for Investment in a Clean-Burning Motor Vehicle Fuel Property
Extracted from PDF file 2023-oklahoma-form-567-a.pdf, last modified December 2009Credit for Investment in a Clean-Burning Motor Vehicle Fuel Property
Credit for Investment in Clean-Burning Motor Vehicle Fuel Property Name as Shown on Return FORM State of Oklahoma 567-A 2 0 2 3 Social Security Number or Federal Employer Identification Number Indicate the qualified clean-burning fuel property for which you are claiming a credit. Compressed Natural Gas Hydrogen Fuel Cell Liquefied Natural Gas Liquefied Petroleum Gas General Information A credit is allowed for investments in qualified clean-burning motor vehicle fuel property. • Use Part 1 to compute the credit for the purchase or conversion of a qualified motor vehicle. The credit from Section A is carried to Form 511-CR, line 3a. • Use Part 2 to compute the credit for property directly related to the delivery of a qualified fuel into the fuel tank of a motor vehicle and the storage of such fuel or for a public access recharging system for vehicles propelled by electricity. • Use Part 3 to compute the credit for a natural gas refueling station in a private residence. • Use Part 4 to determine the total credit from Part 1, Section B; Part 2 and Part 3 to carry to Form 511-CR, line 3b. Part 1 - Credit for Purchase or Conversion of a Qualified Motor Vehicle A credit for the purchase or conversion of qualified clean-burning motor vehicle fuel property is allowed. The amount of the credit is based upon the gross vehicle weight of the qualified vehicle: a. For vehicles less than or equal to 6,000 pounds, the credit is $5,500; b. For vehicles 6,001 to 10,000 pounds, the credit is $9,000; c. For vehicles 10,001 to 26,500 pounds, the credit is $26,000; and d. For vehicles equal to or greater than 26,501 pounds, the credit is $100,000. For purposes of this credit “qualified clean-burning motor vehicle fuel property” means: • Equipment installed to modify a motor vehicle that is propelled by gasoline or diesel fuel so the vehicle may be propelled by compressed natural gas, liquefied natural gas or liquefied petroleum gas. The equipment must be new, not previously used to modify or retrofit any vehicle propelled by gasoline or diesel fuel, and be installed by an alternative fuels equipment technician who is certified in accordance with the Alternative Fuels Technician Certification Act. The equipment must either meet all Federal Motor Vehicle Safety Standards set forth in 49 CFR 571, or for any commercial motor vehicle (CMV), follow the Federal Motor Carrier Safety Regulations or Oklahoma Intrastate Motor Carrier Regulations. • A motor vehicle originally equipped so the vehicle may be propelled by compressed natural gas, liquefied natural gas or liquefied petroleum gas, but only to the extent of the portion of the basis of such motor vehicle that is attributable to the storage of such fuel, the delivery to the engine of such motor vehicle of such fuel, and the exhaust of gases from combustion of such fuel. • A motor vehicle originally equipped so the vehicle may be propelled by a hydrogen fuel cell electric fueling system, effective for property placed in service on or after July 1, 2023. If the above credit has not been claimed by any prior owner and the vehicle is purchased with qualified clean-burning motor vehicle fuel property installed by the manufacturer of such motor vehicle and you are unable or elect not to determine the exact basis which is attributable to such property you may claim a credit equal to the lesser of 10% of the cost of the motor vehicle or $1,500. If the credit is being claimed for more than one vehicle, complete a separate Form 567-A for each vehicle. Combine the amounts from Part 1, Section A, line 2 of all Forms 567-A and enter the total on Form 511-CR, line 3a. Combine the amounts from Part 1, Section B, line 5 of all Forms 567-A and enter the total on only one Form 567-A, Part 4, line 1. Make: ___________________________________________________ Model: ______________________________ Vehicle Identification Number (VIN): _________________________________________________________________ Tag Number: _________________________ Date the vehicle was placed in service: _______________________ (Part 1 continued on page 2) 2023 Form 567-A - Page 2 Credit for Investment in Clean-Burning Motor Vehicle Fuel Property Name as Shown on Return Social Security Number or Federal Employer Identification Number Part 1 - Credit for Purchase or Conversion of a Qualified Motor Vehicle (continued) Complete Section A to claim the credit based upon the gross vehicle weight of the qualified vehicle. OR Complete Section B if the vehicle is purchased with qualified clean-burning motor vehicle fuel property installed by the manufacturer of such motor vehicle and you are unable or elect not to determine the exact basis which is attributable to such property. If your vehicle is not tagged in Oklahoma, provide a copy of the invoice or other documentation showing the purchase price of the vehicle. Section A 1. Enter the gross vehicle weight of the qualified vehicle....................................................... 2. Enter the credit amount based upon the gross vehicle weight of the qualified vehicle....... $ a. For vehicles less than or equal to 6,000 pounds, the credit is $5,500; b. For vehicles 6,001 to 10,000 pounds, the credit is $9,000; c. For vehicles 10,001 to 26,500 pounds, the credit is $26,000; and d. For vehicles equal to or greater than 26,501 pounds, the credit is $100,000. OR Section B 1. Enter the cost of the motor vehicle..................................................................................... $ 2. Rate.................................................................................................................................... 10% 3. Multiply line 1 by line 2........................................................................................................ $ 4. Limitation............................................................................................................................. $ 1,500 5. Total - Enter the lesser of line 3 or line 4 (Enter here and on Part 4, line 1)...................... $ Part 2 - Credit for Property Directly Related to the Delivery of a Qualified Fuel into the Fuel Tank of a Motor Vehicle and the Storage of such Fuel or for a Public Access Recharging System for Vehicles Propelled by Electricity A per-location credit of 45% of the cost of the qualified clean-burning motor vehicle fuel property is allowed. For purposes of this credit “qualified clean-burning motor vehicle fuel property” means property, not including a building and its structural components, that is: • Directly related to the delivery of compressed natural gas, liquefied natural gas, liquefied petroleum gas or hydrogen, for commercial purposes or for a fee or charge, into the fuel tank of a motor vehicle propelled by such fuel including compression equipment and storage tanks for such fuel at the point where such fuel is so delivered but only if such property is not used to deliver such fuel into any other type of storage tank or receptacle and such fuel is not used for any purpose other than to propel a motor vehicle, or • A metered-for-fee, public access recharging system for motor vehicles propelled in whole or in part by electricity. The property must be new, and must not have been previously installed or used to refuel vehicles powered by compressed natural gas, liquefied natural gas or liquefied petroleum gas, hydrogen or electricity. Provide documentation to substantiate the cost entered on line 1. 1. Enter the cost of the qualified clean-burning motor vehicle fuel property........................... $ 2. Rate.................................................................................................................................... 3. Total - Multiply line 1 by line 2 (Enter here and on Part 4, line 2)....................................... $ 45% 2023 Form 567-A - Page 3 Credit for Investment in Clean-Burning Motor Vehicle Fuel Property Name as Shown on Return Social Security Number or Federal Employer Identification Number Part 3 - Credit for a Natural Gas Refueling Station in a Private Residence A per-location credit equal to the lesser of $2,500 or 50% of the cost of property which is directly related to the compression and delivery of natural gas from a private home or residence, for noncommercial purposes, into the fuel tank of a motor vehicle propelled by compressed natural gas is allowed. The property must be new and must not have been previously installed or used to refuel vehicles powered by natural gas. If the credit is being claimed for more than one location, complete a separate Form 567-A for each location. But fill in the “Part 4” on only one Form 567-A. The figures in Part 4 should be the combined totals for all credits reported on your Forms 567-A. Provide documentation to substantiate the cost entered on line 1. 1. Enter the cost of the qualified clean-burning motor vehicle fuel property........................... $ 2. Rate.................................................................................................................................... 50% 3. Multiply line 1 by line 2........................................................................................................ $ 4. Limitation............................................................................................................................. $2,500 5. Total - Enter the lesser of line 3 or line 4 (Enter here and on Part 4, line 3)...................... $ Part 4 - Total Credit Available from Part 1, Section B; Part 2 and Part 3 If you completed multiple Forms 567-A; enter the total from all such forms on the applicable line. 1. Credit from Part 1, Section B, line 5.................................................................................... $ 2. Credit from Part 2, line 3..................................................................................................... $ 3. Credit from Part 3, line 5..................................................................................................... $ 4. Total - Credit for Investment in Clean-Burning Motor Vehicle Fuel Property.............. $ (Add lines 1, 2 and 3; enter here and on Form 511-CR, line 3b) Any credit allowed but not used will have a five-year carryover provision. General Information and Definitions 68 OS Sec. 2357.22 and Rule 710:50-15-81 “Motor vehicle” means a motor vehicle originally designed by the manufacturer to operate lawfully and principally on streets and highways. For the purposes of the clean-burning motor fuel property credit, the term “motor vehicle” does include forklifts and other similar self-propelled vehicles. “Vehicle” does not mean conveyor belts or other similar items. An entity that converts property to qualified clean-burning motor vehicle property may lease such property and retain the right to claim the credit. Only conversions to those fuels listed on this form as “qualified clean-burning fuel” qualify for this credit. The conversion of a vehicle to be propelled by any other fuel, such as to ethanol or E-85, does not qualify. Property on which the credit has previously been claimed is ineligible for the credit. Married persons who file separate returns for a taxable year in which they could have filed a joint return may each claim only 1/2 of the tax credit that would have been allowed for a joint return. There is a five year carryover provision for any credit allowed but not used. NOTE: The credit has an overall cap of $30 million ($10 million per fuel source). For tax year 2023, the full amount of the statutory credit is available. 68 OS Sec. 2357.22. Notice Tax credits transferred or allocated must be reported on Form 569. Failure to file Form 569 will result in the affected credits being denied by the Oklahoma Tax Commission pursuant to 68 OS Sec. 2357.1A-2.
2023 Form 567-A Credit for Investment in Clean Buring Motor Vehicle Fuel Property
More about the Oklahoma Form 567-A Corporate Income Tax Tax Credit TY 2023
We last updated the Credit for Investment in a Clean-Burning Motor Vehicle Fuel Property in January 2024, so this is the latest version of Form 567-A, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 567-A 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 567-A from the Tax Commission in January 2024.
Form 567-A 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 567-A
We have a total of twelve past-year versions of Form 567-A in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form 567-A
2023 Form 567-A Credit for Investment in Clean Buring Motor Vehicle Fuel Property
2022 Form 567-A
2022 Form 567-A Credit for Investment in Clean Buring Motor Vehicle Fuel Property
2021 Form 567-A
2021 Form 567-A Credit for Investment in Clean Buring Motor Vehicle Fuel Property
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