Form 578 Refundable Credit for Electricity Generated by Zero-Emission Facilities - Oklahoma

What Is Form 578?

This is a legal form that was released by the Oklahoma Tax Commission - a government authority operating within Oklahoma. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form 578?
A: Form 578 is a form used in Oklahoma to claim a refundable credit for electricity generated by zero-emission facilities.

Q: Who can claim the credit?
A: The credit can be claimed by individuals, corporations, partnerships, and other entities that generate electricity using zero-emission facilities in Oklahoma.

Q: What is a zero-emission facility?
A: A zero-emission facility is a facility that generates electricity using sources such as wind, solar, hydroelectric, geothermal, or biomass.

Q: How much is the credit?
A: The credit is 0.5 cents per kilowatt-hour of electricity generated by the zero-emission facility.

Q: How long can the credit be carried forward?
A: Any unused credit can be carried forward for up to five years.

Q: How do I claim the credit?
A: To claim the credit, you must file Form 578 with the Oklahoma Tax Commission.

Q: When is the deadline to file Form 578?
A: The deadline to file Form 578 is generally April 15th of the year following the calendar year in which the electricity was generated.

Q: Are there any additional requirements to claim the credit?
A: Yes, you must also provide supporting documentation, such as a certificate from the Oklahoma Corporation Commission, verifying the electricity generation from the zero-emission facility.

Q: Is the credit refundable?
A: Yes, the credit is refundable, meaning that if the amount of the credit exceeds your tax liability, you can receive a refund for the difference.

Q: Can the credit be transferred or sold?
A: No, the credit cannot be transferred or sold to another taxpayer.