Oklahoma Credit for Investment in a Clean-Burning Motor Vehicle Fuel Property
The Oklahoma Credit for Investment in a Clean-Burning Motor Vehicle Fuel Property allows taxpayers to claim a credit for investments in qualified clean-burning motor vehicle fuel property. This credit is designed to encourage investment in environmentally friendly transportation fuel technologies.
Eligibility and Requirements
- Investment must be in qualified clean-burning motor vehicle fuel property.
- Credits established in tax year 2010 and thereafter have a five-year carryover provision if not fully used in the year claimed.
- Taxpayers must file Form 567-A to claim this credit.
How to Claim the Credit
To claim the credit, taxpayers must complete and submit Form 567-A. The form can be accessed and completed through Oklahoma’s online tax filing software (OKTAP) by following these steps:
- Within your tax return, click on "State" in the left menu (or tap the three dots on mobile devices).
- Select "Start or Revisit Oklahoma State."
- Navigate to the "Credits" section and answer "yes" to the prompt: "Do you have any credit to claim for investment in clean-burning motor vehicle fuel property?"
- Follow the on-screen instructions to complete Form 567-A.
Legal Basis
The credit is authorized under Oklahoma Statutes, Title 68, Section 2357.22, and is governed by Rule 710:50-15-81.
Source:
Form 567-A
Form 511-CR
Disclaimer: Always verify details with the official Federal or State Department of Revenue Forms and Instructions.