Form Osc - Oilseed Crushing And And Biodiesel/biolubricant Production Facilities Credit - 2014 Page 3

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If you are a partner or shareholder in more than one
The costs incurred in the two years before you began
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partnership or S corporation, you will need to complete a
production are eligible for the credit.
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separate Form OSC for each entity you are receiving the
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If I am claiming the biodiesel/biolubricant production
credit from.
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facility credit, can I also deduct the annual depreciation
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on my investment?
Part II. Oilseed Crushing Facility Credit
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Yes, you can. This credit is not in lieu of any depreciation
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I purchased equipment to begin crushing oilseed but
or amortization deduction that you are allowed for your
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have not completed installation or begun crushing the
investment.
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oilseed. Am I eligible for the oilseed crushing facility
When am I eligible for the biodiesel/biolubricant
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credit in the year I purchase the equipment?
production facility credit?
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No, you are not. The investment you have made in the
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You are eligible to claim the biodiesel/biolubricant
equipment does not allow you to apply for the oilseed
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production facility credit in a tax year that your facility
crushing facility credit until the first year your facility begins
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produces this product. If you are in the process of
processing oilseed or your facility manufactures a product
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constructing a facility in one tax year but have not begun
from oilseed.
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processing in the same tax year, you are not eligible for this
The costs incurred in the two years before you began
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credit until the year your production begins.
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crushing oilseed are eligible for the credit.
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What requirements do I have to meet in order to qualify
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What cost do I use to calculate my oilseed crushing
for the biodiesel/biolubricant production facility credit?
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facility credit?
In order for your investment to qualify for this credit, the
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The cost used to calculate your oilseed crushing facility
following requirements must be met:
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credit is the amount of the investment that you have made
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●
The property is used primarily to manufacture biodiesel
in the specific property used to calculate your depreciation
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or biolubricant and is operational before January 1,
deduction for federal income tax purposes. It does not
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2015.
include the installation cost of the equipment.
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●
You are an individual or entity who as the owner,
If I am claiming the oilseed crushing facility credit,
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including a contract purchaser, has a beneficial
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can I also deduct the annual depreciation on my
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interest in the business that manufactures biodiesel or
investment?
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biolubricant.
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Yes, you can. This credit is not in lieu of any depreciation
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●
Your business has been manufacturing biodiesel or
or amortization deduction that you are allowed for your
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biolubricant during your tax year.
investment.
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What requirements do I have to meet in order to qualify
Part IV. Combined Oilseed Crushing and
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for the oilseed crushing facility credit?
Biodiesel/Biolubricant Production Facilities Credit
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In order for your investment to qualify for this credit the
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Am I able to carry forward my oilseed crushing facility
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following requirements must be met:
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credit or my biodiesel/biolubricant production facility
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credit if I cannot apply the full amount against my tax
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The property is used primarily to crush oilseed or to
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liability in the first year of production?
manufacture a product from oilseed and is operational
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before January 1, 2015.
Yes, the credits can be carried forward for up to seven
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years. However, if you are not crushing oilseed or
●
You are an individual or entity who as the owner,
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producing biodiesel or biolubricant, you cannot claim any
including a contract purchaser, has a beneficial interest
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tax credit for that year.
in the business that crushes oilseed or manufacturers a
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product from oilseed.
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Administrative Rules of Montana: 42.4.2501 through
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42.4.2503
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Your business has been processing oilseed or
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manufacturing a product from oilseed during your tax
Questions? Please call us toll free at (866) 859-2254 (in
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year.
Helena, 444-6900).
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Part III. Biodiesel/Biolubricant Production Facility
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Credit
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I am constructing a facility to produce biodiesel/
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biolubricant. What costs are available to me to be
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eligible for the biodiesel/biolubricant production facility
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tax credit?
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The costs used to calculate your biodiesel/biolubricant
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production facilities credit are the costs of investing in
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depreciable property for constructing or equipping your
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facility.
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