Form Osc - Oilseed Crushing And And Biodiesel/biolubricant Production Facilities Credit - 2014 Page 2

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X X X X X X X X X
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SSN
FEIN
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Part IV. Combined Oilseed Crushing and Biodiesel/Biolubricant Production Facilities Credit
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10. Enter the amount of tax credit being carried forward from previous years. (Please
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include a schedule showing the years and amount of carryover.) .................................10.
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11. Add the amounts on lines 5, 9 and 10 and enter the result here. This is your combined
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oilseed crushing and biodiesel/biolubricant production facilities credit. ............. 11.
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Where to Report Your Credit
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► Individuals: Form 2, Schedule V
► S corporations: Form CLT-4S, Schedule II
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► C corporations: Form CIT, Schedule C
► Partnerships: Form PR-1, Schedule II
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If you file your Montana tax return electronically, you do not need to mail this form to us unless we ask you for a copy. When you file electronically,
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you represent that you have retained the required documents in your tax records and will provide them upon the department’s request.
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Form OSC Instructions
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Biodiesel is a fuel produced from monoalkyl esters of long-
If you file electronically, you do not need to mail this form to
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chain fatty acids derived from vegetable oils, renewable
us unless we contact you for a copy.
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lipids, animal fats, or any combination of these ingredients.
Am I subject to recapturing the credit that I previously
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This fuel must meet the requirements of ASTM D6751, also
received if I cease operating my business?
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known as the Standard Specification for Biodiesel Fuel
Yes, you are. If you cease operating your business for a
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(B-100) Blend Stock for Distillate Fuels, as adopted by the
period of 12 continuous months, within five years from the
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American Society for Testing and Materials.
year you claimed the credit, you are required to recapture
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Biolubricant is a product, other than food or feed,
this credit in the year you ceased operations.
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substantially composed of certain biological products,
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If my business is a partnership or an S corporation,
agricultural materials or forestry materials. The product is
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are my partners or shareholders entitled to the oilseed
used in place of a petroleum-based lubricant.
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crushing and biodiesel/biolubricant production
What information do I have to include with my tax
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facilities credit?
return when I claim this credit?
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As a partnership, your partners are entitled to apply these
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●
Individuals. If you are filing a paper return, include
credits against their income tax or corporate income tax
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a copy of Form OSC with your individual income tax
liability.
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return.
As an S corporation, the shareholders are entitled to apply
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●
C corporations. If you are filing a paper return, include
these credits against their income tax or corporate income
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a copy of Form OSC with your corporate income tax
tax liability. The amount of each shareholder’s credit is
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return.
based on their pro rata share of the corporation’s cost of
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investing in equipment or the facility.
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●
S corporations and partnerships. If you are an
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entity taxed as an S corporation or a partnership and
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Part I. Partners in a Partnership or Shareholders
are claiming this credit, include Form OSC with your
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of an S Corporation
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Montana information return Form CLT-4S or PR-1 and
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include a separate statement identifying each owner
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How do I claim my credit when I am a partner or
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and their share.
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shareholder in a partnership or S corporation?
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You will need to complete a separate Form OSC for each
If you received this credit from a partnership or S
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source you are receiving the credit from. For example, if
corporation, you will need to fill out Part I in its entirety.
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you are a partner in one partnership that qualifies for this
Your portion of the credit can be obtained from the Montana
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credit, and you, as an individual, also qualify for this credit,
Schedule K-1 that you received from the entity. In addition
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you would need to complete two forms.
to reporting your portion of the credit, you will need to
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provide the partnership’s or S corporation’s name and
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Federal Employer Identification Number.
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