state of oklahoma tax year 2017 natural disaster tax credit … · 2017. 12. 4. · natural...

Natural Disaster Tax Credit (For residential real property owners only) 576State of Oklahoma

FO

RM

Name (as shown on your income tax return)

Read all information on the back of this form prior to completing the fields below. Keep a copy of this form to file with your return for the next four years.

Tax Year 2017

Credit Computation Enter only the allowed ad valorem property tax paid on the property (andimprovements)thefirstyearaftertheimprovementiscomplete ............... ______________________ (If you increased the size of your home, see Line 1 instructions on the back of the form to determine the amount to enter on this line)

Enter only the ad valorem property tax paid on the property (and improvements) in year prior to the damage or destruction ......................... ______________________Note: You must be the owner of record for each tax year the credit is claimed.

Refundablecreditavailablefortaxyear2017.(Subtractline2fromline1) ....... ______________________

Refundablecreditavailablefortaxyear2018.(Multiplyline3by80%) ............. ______________________

Refundablecreditavailablefortaxyear2019.(Multiplyline4by80%) ............. ______________________

Refundablecreditavailablefortaxyear2020.(Multiplyline5by80%) ............. ______________________

Refundablecreditavailablefortaxyear2021.(Multiplyline6by80%) ............. ______________________ThefilingofthisformauthorizestheOklahomaTaxCommissiontoverifytheinformationcontainedhereinwiththeappli-cableCountyAssessorʼsand/orTreasurerʼsoffice.Ifthisisthefirstyearyouareclaimingthecredit,youmaybeaskedtovalidatetheamountsonlines1and2.Toprovidevalidation,youmayencloseacopyofyouradvalorempropertytaxbillandprovidethesquarefootageofthehomeforthefirstyearaftertheimprovementiscomplete(Line1)andfortheyearpriortothedamageordestruction(Line2).

EnterthequalifyingnaturaldisasterwhichdamagedordestroyedyourOklahomaresidence.Toqualify,aPresidentialMajorDisasterDeclarationmusthavebeenissued,unlessthenaturaldisasterwasatornadooccurringincalendaryear2012or2013inwhichcaseaPresidentialMajorDisasterDeclarationisnotrequired. QualifyingOklahomanaturaldisastersforwhichaPresidentialMajorDisasterDeclarationwasissuedcanbefoundonFEMA’swebsiteatwww.fema.gov/disasters.TheDeclarationTypeis‘MajorDisasterDeclarations’.

Parcel Identification Number or Account Number

Oklahoma Natural Disaster

Legal Description of Property (include county)

Date of Natural Disaster

Address of PropertyName of property owner(s) -ifdifferentfromabove

Social Security Number

1

2

3

4

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6

7

(Property Tax Only)

(Property Tax Only)

68 Oklahoma Statutes Sec. 2357.29A

AcreditisallowedagainstincometaxforownersofresidentialrealpropertywhoseprimaryresidencewasdamagedordestroyedinanaturaldisasteroccurringafterDecember31,2011.Forpurposesofthiscredit,a“naturaldisaster”meansaweatherorfireeventforwhichaPresidentialMajorDisasterDeclarationwasissuedoratornadooccurringincalendaryear2012or2013regardlessofwhetheraPresidentialMajorDisasterDeclarationwasissued.

Theamountofthecreditisthedifferencebetweenthead valorem property tax paid on the property and improvements in the year prior to the damage or destruction and the ad valorem property taxpaidthefirstyearaftertheimprovementiscomplete.Forpurposesofthiscredit,theamountofadvalorempropertytaxpaidthefirstyearaftertheimprovementiscompleteisbasedonthesameorsimilarsquarefootageasthepropertywhichwasdamagedordestroyed.

Thecreditisarefundablecredit.Eligibletaxpayersareentitledtoclaimthiscreditforfiveconsecutiveyears.Afterthefirstyearthecreditisclaimed,theamountofthecreditis80%ofthepreviousyearʼscredit.

Thecreditwillnotbeallowedifthepropertyistransferredortitleischangedorconveyed.Anycreditclaimedandallowedpriortothetransferofthepropertyorthechangeorconveyanceoftitlewillnotbeaffected.

In order to qualify for this credit:

1. ThepropertywasdamagedordestroyedbyanaturaldisasterafterDecember31,2011;

2. Thepropertyiswithinanareawhichhasbeendeclaredafederaldisasterarea,unlessthenaturaldisasterwasatornadooccurringincalendaryear2012or2013;

3. Thepropertyistheprimaryresidenceoftheownerboththeyearpriortoandafterthenaturaldisaster;

4. Theownerhasbeengrantedahomesteadexemptionoriseligibletoclaimahomesteadexemptionboththeyearpriortoandafterthenaturaldisaster;

5. Theprimaryresidencemustberepairedorrebuiltonthesamepropertyasitexistedpriortothenaturaldisaster;and

6. TheprimaryresidencemustberepairedorrebuiltandusedastheprimaryresidencenolaterthanDecember31,2015,withrespecttocalendaryear2012or2013naturaldisasterandnolaterthan36monthsafterthedateofanynaturaldisasteroccurringonorafterJanuary1,2014.

Line 1 instructions:

Ifyourhome,afterbeingrebuiltorrepaired,hasmoresquarefeetthanitdidintheyearpriortothenaturaldisaster,donotenterthefullamountofyourpropertytaxonline1.Thecreditisbasedonsameorsimilarsquarefootage;therefore,youmustdeterminetheportionofyourpropertytaxbasedonthesizeofyourhome,asitwasintheyearpriortothenaturaldisaster.Usethefollowingstepstodeterminetheamounttoenteronline1.

StepOne:Determinethepropertytax,persquarefoot,ofyourhomeafterbeingrebuiltorrepaired.Todothisdividethepropertytaxonyourrebuiltorrepairedhomebyyourhomeʼscurrentsquarefootage.

StepTwo:MultiplytheamountfromStepOnebywhatyourhomeʼssquarefootagewasintheyearpriortothenaturaldisaster.Enterthisamountonline1,thisistheportionofyourpropertytaxuponwhichthecreditisbased.

Example:Yourhomein2012was1,200squarefeetandyourpropertytaxwas$390.Afteryourhomewasrebuiltorre-paireditisnow2,500squarefeetandyourpropertytaxis$1,000.

StepOne: $1,000=$0.40persquarefoot. 2,500

StepTwo: $0.40X1,200=$480.

Enter$480online1and$390online2.Yourcreditis$90(line3).

Natural Disaster Tax Credit Instructions2017Form576Page2