Oklahoma Natural Disaster Tax Credit
Extracted from PDF file 2020-oklahoma-form-576.pdf, last modified November 2005
Natural Disaster Tax CreditFORM State of Oklahoma Natural Disaster Tax Credit (For residential real property owners only) 576 2 0 2 0 Read all information on the back of this form prior to completing the fields below. Keep a copy of this form to file with your return for the next four years. Name (as shown on your income tax return) Social Security Number Name of property owner(s) -if different from above Address of Property Parcel Identification Number or Account Number Legal Description of Property (include county) Enter the qualifying natural disaster which damaged or destroyed your Oklahoma residence. To qualify, a Presidential Major Disaster Declaration must have been issued. Qualifying Oklahoma natural disasters for which a Presidential Major Disaster Declaration was issued can be found on FEMA’s website at www.fema. gov/disasters. The Declaration Type is ‘Major Disaster Declarations’. Oklahoma Natural Disaster Date of Natural Disaster Credit Computation Enter only the allowed ad valorem property tax paid on the property 1 (and improvements) the first year after the improvement is complete ................ _______________________ (Property Tax Only) (If you increased the size of your home, see Line 1 instructions on the back of the form to determine the amount to enter on this line) Enter only the ad valorem property tax paid on the property 2 (and improvements) in year prior to the damage or destruction.......................... _______________________ Note: You must be the owner of record for each tax year the credit is claimed. (Property Tax Only) 3 Refundable credit available for tax year 2020. (Subtract line 2 from line 1)........ _______________________ 4 Refundable credit available for tax year 2021. (Multiply line 3 by 80%).............. _______________________ 5 Refundable credit available for tax year 2022. (Multiply line 4 by 80%).............. _______________________ 6 Refundable credit available for tax year 2023. (Multiply line 5 by 80%).............. _______________________ 7 Refundable credit available for tax year 2024. (Multiply line 6 by 80%).............. _______________________ The filing of this form authorizes the Oklahoma Tax Commission to verify the information contained herein with the applicable County Assessor’s and/or Treasurer’s office. If this is the first year you are claiming the credit, you may be asked to validate the amounts on lines 1 and 2. To provide validation, you may enclose a copy of your ad valorem property tax bill and provide the square footage of the home for the first year after the improvement is complete (Line 1) and for the year prior to the damage or destruction (Line 2). 2020 Form 576 Page 2 Natural Disaster Tax Credit Instructions 68 Oklahoma Statutes Sec. 2357.29A A credit is allowed against income tax for owners of residential real property whose primary residence was damaged or destroyed in a natural disaster. For purposes of this credit, a “natural disaster” means a weather or fire event for which a Presidential Major Disaster Declaration was issued. The amount of the credit is the difference between the ad valorem property tax paid on the property and improvements in the year prior to the damage or destruction and the ad valorem property tax paid the first year after the improvement is complete. For purposes of this credit, the amount of ad valorem property tax paid the first year after the improvement is complete is based on the same or similar square footage as the property which was damaged or destroyed. The credit is a refundable credit. Eligible taxpayers are entitled to claim this credit for five consecutive years. After the first year the credit is claimed, the amount of the credit is 80% of the previous year’s credit. The credit will not be allowed if the property is transferred or title is changed or conveyed. Any credit claimed and allowed prior to the transfer of the property or the change or conveyance of title will not be affected. In order to qualify for this credit: 1. The property was damaged or destroyed by a natural disaster; 2. The property is within an area which has been declared a federal disaster area; 3. The property is the primary residence of the owner both the year prior to and after the natural disaster; 4. The owner has been granted a homestead exemption or is eligible to claim a homestead exemption both the year prior to and after the natural disaster; 5. The primary residence must be repaired or rebuilt on the same property as it existed prior to the natural disaster; and 6. The primary residence must be repaired or rebuilt and used as the primary residence no later than 36 months after the date of any natural disaster. Line 1 instructions: If your home, after being rebuilt or repaired, has more square feet than it did in the year prior to the natural disaster, do not enter the full amount of your property tax on line 1. The credit is based on same or similar square footage; therefore, you must determine the portion of your property tax based on the size of your home, as it was in the year prior to the natural disaster. Use the following steps to determine the amount to enter on line 1. Step One: Determine the property tax, per square foot, of your home after being rebuilt or repaired. To do this divide the property tax on your rebuilt or repaired home by your home’s current square footage. Step Two: Multiply the amount from Step One by what your home’s square footage was in the year prior to the natural disaster. Enter this amount on line 1, this is the portion of your property tax upon which the credit is based. Example: Your home in 2017 was 1,200 square feet and your property tax was $390. After your home was rebuilt or repaired it is now 2,500 square feet and your property tax is $1,000. Step One: $1,000 = $0.40 per square foot. 2,500 Step Two: $0.40 X 1,200 = $480. Enter $480 on line 1 and $390 on line 2. Your credit is $90 (line 3).
2020 Form 576
More about the Oklahoma Form 576 Corporate Income Tax Tax Credit TY 2020
We last updated the Natural Disaster Tax Credit in February 2021, so this is the latest version of Form 576, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form 576 directly from TaxFormFinder. You can print other Oklahoma tax forms here.
Other Oklahoma Corporate Income Tax Forms:
|Form Code||Form Name|
|Form 564||Credit for Employees in the Aerospace Sector (you will also need Form 511CR)|
|Form 576||Natural Disaster Tax Credit|
|Form 512||Corporate Income Tax Return (form and schedules)|
|Form 512E||Return of Organization Exempt from Income Tax|
|Form 500-A||Information Return|
Oklahoma usually releases forms for the current tax year between January and April. We last updated Oklahoma Form 576 from the Tax Commission in February 2021.
Form 576 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 576
We have a total of seven past-year versions of Form 576 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 Oklahoma 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.