Form Osc - Oil Seed Crushing And Biodiesel/biolubricant Production Facilities Credit - 2007 Page 3
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3When am I eligible for the biodiesel
If my business is a partnership or an S.
production facility credit?
corporation, are my partners or shareholders
entitled to the oilseed crushing and biodiesel
You are entitled to the biodiesel production
production facilities credit?
facility credit only in the first tax year your facility
begins production. If you are in the process of
As a partnership or an S. corporation, your
constructing a facility in one tax year but have
partners or shareholders are entitled to apply
not begun processing in the same tax year you
these credits against their income tax or
are not eligible for this credit until the year your
corporate license tax liability. The amount of
production begins.
each partner’s or shareholder’s credit is based
on their distributive or pro-rata share of the
What requirements do I have to meet in order
partnership’s or S. corporation’s cost of investing
in the specific equipment.
to qualify for the biodiesel production facility
credit?
For example, if your business is an S.
In order for your investment to qualify for this
corporation with four shareholders with equal
credit, the following requirements must be met:
ownership interest, each shareholder would be
entitled to 25% of the total credit.
o The property is used primarily to
manufacture biodiesel and is operational
When filing your Montana partnership return,
before January 1, 2010, and
Form PR-1, or your Montana S. corporation
o You are an individual or entity who as the
return, Montana Form CLT-4S report your
owner, including a contract purchaser, has a
Oilseed Crushing and Biodiesel Production
beneficial interest in the business that
Credit on Schedule II, line 17. Include with your
manufactures biodiesel, and
return a completed Form OSC and a
o Your business has been manufacturing
supplemental schedule identifying each partner
biodiesel during your tax year.
or shareholder and their pro-rata share of the
credit.
Am I able to carryover my oilseed crushing
facility credit or my biodiesel production
facility credit if I cannot absorb the full
amount in my first year of production?
No you are not. There is no carryover provision
available for these credits.
Am I subject to recapturing my credit that I
previously received if I cease operating my
business?
Yes you are. If you cease operating your
business within 5 years from the year you
claimed the credit, you are required to recapture
this credit in the year you ceased operations.
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