Montana Alternative Fuel Credit
Extracted from PDF file 2020-montana-form-afcr.pdf, last modified July 2020
Alternative Fuel CreditForm AFCR V1 6/2020 2020 Alternative Fuel Credit 15-30-2320 and 15-31-137, MCA Clear Form Name (as it appears on your Montana tax return) Social Security Number - - OR Federal Employer Identification Number - Part I. Partners in a partnership or shareholders of an S corporation Enter your portion of the alternative fuel credit here. See instructions. Business Name of partnership or S corporation ___________________________________________________ Federal Employer Identification Number $_____________________ - Part II. Credit Computation Complete a separate Montana Form AFCR for each vehicle that you converted. Year and make of vehicle_________________________ Date conversion completed_______________ Alternative fuel type______________________________ Gross vehicle weight____________________ 1. Enter your equipment and labor costs of the conversion here............................................................ 1.______________ 2. Multiply the amount on line 1 by 50% (0.50) and enter the result here............................................... 2.______________ 3. If your gross vehicle weight is 10,000 pounds or less, enter $500 here; If your gross vehicle weight is more than 10,000 pounds, enter $1,000 here..................................... 3.______________ 4. Enter the smaller of line 2 or line 3. This is your allowable alternative fuel credit for this vehicle................................................................................................................................................. 4.______________ 5. Add the amount on line 4 for each Form AFCR that you submit and enter the result here. This is your total alternative fuel credit.......................................................................................... 5.______________ Where to Report Your Credit ► Individuals: Form 2, Nonrefundable Credits Schedule ► C corporations: Form CIT, Schedule C ► S corporations: Form PTE, Schedule II ► Partnerships: Form PTE, Schedule II If you file your Montana tax return electronically, you do not need to mail this form to us unless we ask you for a copy. When you file electronically, you represent that you have retained the required documents in your tax records and will provide them upon the department’s request. Form AFCR Instructions Alternative Fuel means natural gas, liquefied petroleum gas, liquefied natural gas, hydrogen, electricity, or any other fuel if at least 85% (0.85) of the fuel is methanol, ethanol or other alcohol, ether, or any combination of these. Who can claim this credit? An individual, corporation, partnership, or S corporation that converts a vehicle that is licensed in Montana from operating on gasoline to operating on an alternative fuel is entitled to the credit. What information do I have to include with my tax return when I claim this credit? • Individuals. If you are filing a paper return, include a copy of Form AFCR with your individual income tax return. • C corporations. If you are filing a paper return, include a copy of Form AFCR with your corporate income tax return. • S corporations and partnerships. If you are an entity taxed as an S corporation or a partnership and are claiming this credit, include Form AFCR with your Montana information return Form PTE and include a separate statement identifying each owner and their proportionate share. You will need to complete a separate Form AFCR for each source you are receiving the credit from. For example, if you are a partner in one partnership that qualifies for this credit, and you, as an individual, also qualify for this credit, you would need to complete two forms. If you file electronically, you do not need to mail this form to us unless we contact you for a copy. Part I. Partners in a Partnership or Shareholders of an S Corporation If you complete Part I, do not complete Part II. How do I claim my credit when I am a partner or shareholder in a partnership or S corporation that converted the vehicle? If you received this credit from a partnership or S corporation, you will need to fill out Part I in its entirety. Your portion of the credit can be obtained from the Montana Schedule K-1 that you received from the entity. In addition to reporting your portion of the credit, you will need to provide the partnership’s or S corporation’s name and Federal Employer Identification Number. If you are a partner or shareholder in more than one partnership or S corporation, you will need to complete a separate Form AFCR for each entity you are receiving the credit from. Part II. Credit Computation If you complete Part II, do not complete Part I. Can I claim this credit if the conversion of the vehicle was performed at a location outside of Montana? The location of the conversion does not affect whether the vehicle is eligible for the credit. In order to qualify for the credit, the motor vehicle must be licensed in Montana at the time of conversion. If the credit exceeds my tax liability, can I carry any excess credit to another tax year? No, you cannot. Your credit can only be claimed in the year the conversion is made and cannot exceed your tax liability. Questions? Call us at (406) 444-6900, or Montana Relay at 711 for the hearing impaired.
More about the Montana Form AFCR Corporate Income Tax Tax Credit TY 2020
This form is for corporations who use alternative fuel.
We last updated the Alternative Fuel Credit in April 2021, so this is the latest version of Form AFCR, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form AFCR directly from TaxFormFinder. You can print other Montana tax forms here.
Other Montana Corporate Income Tax Forms:
|Form Code||Form Name|
|Form INA-CT||Affidavit of Inactivity for Corporations, Partnerships and Disregarded Entities (OBSOLETE)|
|Form MSA||Montana Medical Care Savings Account (DISCONTINUED)|
|Form CC||College Contribution Credit|
|Form NOL||Montana Net Operating Loss|
|CIT||Corporate Income Tax Return (formerly CLT-4)|
Montana usually releases forms for the current tax year between January and April. We last updated Montana Form AFCR from the Department of Revenue in April 2021.
Form AFCR is a Montana 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 Montana Form AFCR
We have a total of ten past-year versions of Form AFCR in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
While we do our best to keep our list of Montana Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.