Form Osc - Oilseed Crushing And And Biodiesel/biolubricant Production Facilities Credit - 2013 Page 3
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3If you are a partner or shareholder in more than one
The costs incurred in the two years before you began
partnership or S corporation, you will need to complete a
production are eligible for the credit.
separate Form OSC for each entity you are receiving the
If I am claiming the biodiesel/biolubricant production
credit from.
facility credit, can I also deduct the annual depreciation
on my investment?
Part II. Oilseed Crushing Facility Credit
Yes, you can. This credit is not in lieu of any depreciation
I purchased equipment to begin crushing oilseed but
or amortization deduction that you are allowed for your
have not completed installation or begun crushing the
investment.
oilseed. Am I eligible for the oilseed crushing facility
When am I eligible for the biodiesel/biolubricant
credit in the year I purchase the equipment?
production facility credit?
No, you are not. The investment you have made in the
You are eligible to claim the biodiesel/biolubricant
equipment does not allow you to apply for the oilseed
production facility credit in a tax year that your facility
crushing facility credit until the fi rst year your facility begins
produces this product. If you are in the process of
processing oilseed or your facility manufactures a product
constructing a facility in one tax year but have not begun
from oilseed.
processing in the same tax year, you are not eligible for this
The costs incurred in the two years before you began
credit until the year your production begins.
crushing oilseed are eligible for the credit.
What requirements do I have to meet in order to qualify
What cost do I use to calculate my oilseed crushing
for the biodiesel/biolubricant production facility credit?
facility credit?
In order for your investment to qualify for this credit, the
The cost used to calculate your oilseed crushing facility
following requirements must be met:
credit is the amount of the investment that you have made
●
The property is used primarily to manufacture biodiesel
in the specifi c property used to calculate your depreciation
or biolubricant and is operational before January 1,
deduction for federal income tax purposes. It does not
2015.
include the installation cost of the equipment.
●
You are an individual or entity who as the owner,
If I am claiming the oilseed crushing facility credit,
including a contract purchaser, has a benefi cial
can I also deduct the annual depreciation on my
interest in the business that manufactures biodiesel or
investment?
biolubricant.
Yes, you can. This credit is not in lieu of any depreciation
●
Your business has been manufacturing biodiesel or
or amortization deduction that you are allowed for your
biolubricant during your tax year.
investment.
What requirements do I have to meet in order to qualify
Part IV. Combined Oilseed Crushing and
for the oilseed crushing facility credit?
Biodiesel/Biolubricant Production Facilities Credit
In order for your investment to qualify for this credit the
Am I able to carry forward my oilseed crushing facility
following requirements must be met:
credit or my biodiesel/biolubricant production facility
●
The property is used primarily to crush oilseed or to
credit if I cannot apply the full amount against my tax
manufacture a product from oilseed and is operational
liability in the fi rst year of production?
before January 1, 2015.
Yes, the credits can be carried forward for up to seven
●
years. However, if you are not crushing oilseed or
You are an individual or entity who as the owner,
producing biodiesel or biolubricant, you cannot claim any
including a contract purchaser, has a benefi cial interest
tax credit for that year.
in the business that crushes oilseed or manufacturers a
product from oilseed.
Administrative Rules of Montana: 42.4.2501 through
●
42.4.2503
Your business has been processing oilseed or
manufacturing a product from oilseed during your tax
Questions? Please call us toll free at (866) 859-2254 (in
year.
Helena, 444-6900).
Part III. Biodiesel/Biolubricant Production Facility
Credit
I am constructing a facility to produce biodiesel/
biolubricant. What costs are available to me to be
eligible for the biodiesel/biolubricant production facility
tax credit?
The costs used to calculate your biodiesel/biolubricant
production facilities credit are the costs of investing in
depreciable property for constructing or equipping your
facility.
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