Form 578 - Refundable Credit For Electricity Generated By Zero-Emission Facilities - State Of Oklahoma - 2014 Page 2

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2014 Form 578
Refundable Credit for Electricity Generated
Page 2
by Zero-Emission Facilities Instructions
Title 68 OS Section 2357.32A
General Information
Credits generated, but not used, on or after January 1, 2014 will be refunded to the taxpayer at 85% of the face
amount of the credits. If the taxpayer is a pass-through entity and does not file a claim for a direct refund, the
pass-through entity will allocate the credit to one or more of its shareholders, partners or members. The total
amount of credits refunded or allocated may not exceed the amount of the credit or refund to which the pass-
through entity is entitled.
Form 578 is to be completed by the taxpayer claiming the credit on their income tax return.
Instructions
Line 1 -
• If you are the entity which generated the credit, enter the total credit for electricity generated during the tax
year.
• If the credit was allocated to you as a shareholder, partner or member, enter your allocated share of the total
credit for electricity generated on or after January 1, 2014.
• Do not include any unused credit being carried forward from tax year 2013 or prior.
Line 2 - Enter the amount included on line 1 which is being claimed on Form 511CR as a nonrefundable credit.
Line 3 - Subtract line 2 from line 1 to determine the face amount of the credit eligible for the 85% refund.
Line 5 - Multiply line 3 by line 4 to determine the amount to be refunded. Enter here and on the Refundable
Credits line of your income tax return.

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