State of Oklahoma FORM 576 · 2012 or 2013 Natural Disaster Tax Credit (For residential real...
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2012 or 2013 Natural Disaster Tax Credit (For residential real property owners only) 576 State of Oklahoma FORM Name (as shown on your income tax return) 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. Tax Year 2013 Credit Computation Enter the allowed ad valorem property tax paid on the property and on improvements the first year after the improvement is complete ........................ ______________________ (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 the ad valorem property tax paid on the property and on 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. Refundable credit available for tax year 2013. (Subtract line 2 from line 1) ....... ______________________ Refundable credit available for tax year 2014. (Multiply line 3 by 80%) ............. ______________________ Refundable credit available for tax year 2015. (Multiply line 4 by 80%) ............. ______________________ Refundable credit available for tax year 2016. (Multiply line 5 by 80%) ............. ______________________ Refundable credit available for tax year 2017. (Multiply line 6 by 80%) ............. ______________________ The filing of this form authorizes the Oklahoma Tax Commission to verify the information contained herein with the applica- ble County Assessorʼs and/or Treasurerʼs office. Enter the qualifying natural disaster which damaged or destroyed your Oklahoma residence. To qualify, a Presidential Major Disaster Declaration must have been issued, unless the natural disaster was a tornado in which case a Presidential Major Disaster Declaration is not required. 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’. Parcel Identification Number or Account Number Oklahoma Natural Disaster Legal Description of Property (include county) Date of Natural Disaster Address of Property Name of property owner(s) -if different from above Social Security Number 1 2 3 4 5 6 7 Revised 5-2014
Transcript of State of Oklahoma FORM 576 · 2012 or 2013 Natural Disaster Tax Credit (For residential real...
2012 or 2013 Natural Disaster Tax Credit (For residential real property owners only) 576State of Oklahoma
FO
RM
Name (as shown on your income tax return)
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.
Tax Year 2013
Credit Computation Enter the allowed ad valorem property tax paid on the property and on improvementsthefirstyearaftertheimprovementiscomplete ........................ ______________________ (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 the ad valorem property tax paid on the property and on 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.
Refundablecreditavailablefortaxyear2013.(Subtractline2fromline1) ....... ______________________
Refundablecreditavailablefortaxyear2014.(Multiplyline3by80%) ............. ______________________ Refundablecreditavailablefortaxyear2015.(Multiplyline4by80%) ............. ______________________
Refundablecreditavailablefortaxyear2016.(Multiplyline5by80%) ............. ______________________
Refundablecreditavailablefortaxyear2017.(Multiplyline6by80%) ............. ______________________
ThefilingofthisformauthorizestheOklahomaTaxCommissiontoverifytheinformationcontainedhereinwiththeapplica-bleCountyAssessorʼsand/orTreasurerʼsoffice.
EnterthequalifyingnaturaldisasterwhichdamagedordestroyedyourOklahomaresidence.Toqualify,aPresidentialMajorDisasterDeclarationmusthavebeenissued,unlessthenaturaldisasterwasatornadoin which case a Presidential Major Disaster Declaration is not required. QualifyingOklahomanaturaldisastersforwhichaPresidentialMajorDisasterDeclarationwasissuedcanbefoundonFEMA’swebsiteat www.fema.gov/disasters.TheDeclarationTypeis‘MajorDisasterDeclarations’.
Parcel Identification Number or Account Number
Oklahoma Natural Disaster
Legal Description of Property (include county)
Date of Natural Disaster
Address of PropertyName of property owner(s) -ifdifferentfromabove
Social Security Number
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Revised5-2014
68 Oklahoma Statutes Sec. 2357.29A
FortaxyearsbeginningafterDecember31,2011,acreditisallowedagainstincometaxforownersofresidentialrealpropertywhoseprimaryresidencewasdamagedordestroyedinanaturaldisasteroccuringincalendaryear2012or2013.Forpurposesofthiscredit,a“naturaldisaster”meansaweatherorfireeventforwhichaPresidentialMajorDisas-terDeclarationwasissuedoratornadoregardlessofwhetheraPresidentialMajorDisasterDeclarationwasissued.
Theamountofthecreditisthedifferencebetweenthead valorem property tax paid on the property and on improvement in the year prior to the damage or destruction and the ad valorem property taxpaidthefirstyearaftertheimprovementiscomplete.Forpurposesofthiscredit,theamountofadvalorempropertytaxpaidthefirstyearaftertheimprovementiscompleteisbasedonthesameorsimilarsquarefootageasthepropertywhichwasdamagedordestroyed.
Thecreditisarefundablecredit.Eligibletaxpayersareentitledtoclaimthiscreditforfiveconsecutiveyears.Afterthefirstyearthecreditisclaimed,theamountofthecreditis80%ofthepreviousyearʼscredit.
Thecreditwillnotbeallowedifthepropertyistransferredortitleischangedorconveyed.Anycreditclaimedandallowedpriortothetransferofthepropertyorthechangeorconveyanceoftitlewillnotbeaffected.
In order to qualify for this credit:
1. Thepropertywasdamagedordestroyedbyanaturaldisasterduringcalendaryear2012or2013;
2. Thepropertyiswithinanareawhichhasbeendeclaredafederaldisasterarea,unlessthenaturaldisasterwasatornado;
3. Thepropertyistheprimaryresidenceoftheownerboththeyearpriortoandafterthenaturaldisaster;
4. Theownerhasbeengrantedahomesteadexemptionoriseligibletoclaimahomesteadexemptionboththeyearpriortoandafterthenaturaldisaster;
5. Theprimaryresidencemustberepairedorrebuiltonthesamepropertyasitexistedpriortothenaturaldisaster;and
6. TheprimaryresidencemustberepairedorrebuiltandusedastheprimaryresidencenolaterthanDecember31,2015.
Line 1 instructions:
Ifyourhome,afterbeingrebuiltorrepaired,hasmoresquarefeetthanitdidinintheyearpriortothenaturaldisaster,donotenterthefullamountofyourpropertytaxonline1.Thecreditisbasedonsameorsimilarsquarefootage;therefore,youmustdeterminetheportionofyourpropertytaxbasedonthesizeofyourhome,asitwasintheyearpriortothenatu-raldisaster.Usethefollowingstepstodeterminetheamounttoenteronline1.
StepOne:Determinethepropertytax,persquarefoot,ofyourhomeafterbeingrebuiltorrepaired.Todothisdividethepropertytaxonyourrebuiltorrepairedhomebyyourhomeʼscurrentsquarefootage.
StepTwo:MultiplytheamountfromStepOnebywhatyourhomeʼssquarefootagewasintheyearpriortothenaturaldisaster.Enterthisamountonline1,thisistheportionofyourpropertytaxuponwhichthecreditisbased.
Example:Yourhomein2012was1,200squarefeetandyourpropertytaxwas$390.Afteryourhomewasrebuiltorre-paireditisnow2,500squarefeetandyourpropertytaxis$1,000.
StepOne: $1,000=$0.40persquarefoot. 2,500
StepTwo: $0.40X1,200=$480.
Enter$480online1and$390online2.Yourcreditis$90(line3).
2012 or 2013 Natural Disaster Tax Credit Instructions2013Form576Page2
