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Oklahoma Free Printable 2021 Form 577 Refundable Coal Credit for 2024 Oklahoma Refundable Coal Credit

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Refundable Coal Credit
2021 Form 577 Refundable Coal Credit

State of Oklahoma Name as Shown on Return: FORM Refundable Coal Credit 577 2 0 2 1 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: ________________________ Credit Computation 1 Enter your total Coal Credit, before limitation, based upon activities occurring during the tax year (see instructions). (Do not include any credit being carried over from tax year 2013 or prior.) ........................................................... _______________________ 2 Limitation: Percentage of credit allowed.............................................................. 75% 3 Credit allowed (multiply line 1 by line 2).............................................................. _______________________ 4 Enter the Coal Credit you claimed on Form 511-CR, Column B, line 2............... _______________________ 5 Subtract line 4 from line 3. This is the face amount of the credit eligible for a partial refund............................................................................................... _______________________ 6 Rate..................................................................................................................... 85% 7 Total Refundable Credit - Multiply line 5 by line 6. Round to nearest whole dollar. (Enter here and on the Refundable Credits line of the income tax return).......... ___________________ . 00 2021 Form 577 Page 2 Refundable Coal Credit Instructions Title 68 OS Section 2357.11 General Information Credits earned, but not used, based upon activity occurring during the tax year will be refunded at 85% of the face amount of the credits. If the taxpayer is a pass-through entity and does not file a claim for a direct refund, the pass-through entity will 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 passthrough entity is entitled. For any credit calculated, the amount of credit allowed shall be equal to 75% of the amount otherwise provided. Form 577 is to be completed by the taxpayer claiming the credit on their income tax return. NOTE: The credit has an overall cap. No more than $5 million of credit may be allowed to offset tax or be refunded in a taxable year. For tax year 2021, the full amount of the statutory credit is available. Instructions Line 1 • If you are the entity that generated the credit, enter the total amount of credit that is earned based upon activities occurring during the tax year. Enter the total amount of credit before the 75% limitation provided for in 68 OS Sec 2357.11(N). • If the credit was allocated to you as a shareholder, partner or member, enter your allocated share of the total credit based upon activities occurring during the tax year. Enter the total amount of credit before the 75% limitation provided for in 68 OS Sec 2357.11(N). • Do not include any unused credit being carried forward from tax year 2013 or prior. Line 2 - The amount of credit allowed is equal to 75% of the amount otherwise provided. Line 4 - Enter the amount included on line 3 that is being claimed on Form 511-CR, Column B, line 2 as a nonrefundable credit. Line 5 - Subtract line 4 from line 3 to determine the face amount of the credit eligible for the 85% refund. Line 7 - Multiply line 5 by line 6 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.
Extracted from PDF file 2023-oklahoma-form-577.pdf, last modified October 2014

More about the Oklahoma Form 577 Corporate Income Tax Tax Credit TY 2023

We last updated the Refundable Coal Credit in February 2024, so this is the latest version of Form 577, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 577 directly from TaxFormFinder. You can print other Oklahoma tax forms here.


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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 576 Natural Disaster Tax Credit
Form 501 Annual Information Return (reconciliation for Forms 500, 500A and 500B)

Download all OK tax forms 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 577 from the Tax Commission in February 2024.

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Form 577 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 577

We have a total of nine past-year versions of Form 577 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 Form 577

2021 Form 577 Refundable Coal Credit

2021 Form 577

2021 Form 577 Refundable Coal Credit

2020 Form 577

2020 Form 577


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