state of oklahoma tax year 2019 natural disaster tax ... · natural disaster. enter this amount on...
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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 2019
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.
Refundablecreditavailablefortaxyear2019.(Subtractline2fromline1) ....... ______________________
Refundablecreditavailablefortaxyear2020.(Multiplyline3by80%) ............. ______________________
Refundablecreditavailablefortaxyear2021.(Multiplyline4by80%) ............. ______________________
Refundablecreditavailablefortaxyear2022.(Multiplyline5by80%) ............. ______________________
Refundablecreditavailablefortaxyear2023.(Multiplyline6by80%) ............. ______________________ThefilingofthisformauthorizestheOklahomaTaxCommissiontoverifytheinformationcontainedhereinwiththeappli-cableCountyAssessorʼsand/orTreasurerʼsoffice.Ifthisisthefirstyearyouareclaimingthecredit,youmaybeaskedtovalidatetheamountsonlines1and2.Toprovidevalidation,youmayencloseacopyofyouradvalorempropertytaxbillandprovidethesquarefootageofthehomeforthefirstyearaftertheimprovementiscomplete(Line1)andfortheyearpriortothedamageordestruction(Line2).
EnterthequalifyingnaturaldisasterwhichdamagedordestroyedyourOklahomaresidence.Toqualify,aPresidentialMajorDisasterDeclarationmusthavebeenissued.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
5
6
7
(Property Tax Only)
(Property Tax Only)
68 Oklahoma Statutes Sec. 2357.29A
Acreditisallowedagainstincometaxforownersofresidentialrealpropertywhoseprimaryresidencewasdamagedordestroyedinanaturaldisaster.Forpurposesofthiscredit,a“naturaldisaster”meansaweatherorfireeventforwhichaPresidential Major Disaster Declaration was issued.
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. Thepropertywasdamagedordestroyedbyanaturaldisaster;
2. Thepropertyiswithinanareawhichhasbeendeclaredafederaldisasterarea;
3. Thepropertyistheprimaryresidenceoftheownerboththeyearpriortoandafterthenaturaldisaster;
4. Theownerhasbeengrantedahomesteadexemptionoriseligibletoclaimahomesteadexemptionboththeyearpriortoandafterthenaturaldisaster;
5. Theprimaryresidencemustberepairedorrebuiltonthesamepropertyasitexistedpriortothenaturaldisaster;and
6. Theprimaryresidencemustberepairedorrebuiltandusedastheprimaryresidencenolaterthan36monthsafterthedateofanynaturaldisaster.
Line 1 instructions:
Ifyourhome,afterbeingrebuiltorrepaired,hasmoresquarefeetthanitdidintheyearpriortothenaturaldisaster,donotenterthefullamountofyourpropertytaxonline1.Thecreditisbasedonsameorsimilarsquarefootage;therefore,youmustdeterminetheportionofyourpropertytaxbasedonthesizeofyourhome,asitwasintheyearpriortothenaturaldisaster.Usethefollowingstepstodeterminetheamounttoenteronline1.
StepOne:Determinethepropertytax,persquarefoot,ofyourhomeafterbeingrebuiltorrepaired.Todothisdividethepropertytaxonyourrebuiltorrepairedhomebyyourhomeʼscurrentsquarefootage.
StepTwo:MultiplytheamountfromStepOnebywhatyourhomeʼssquarefootagewasintheyearpriortothenaturaldisaster.Enterthisamountonline1,thisistheportionofyourpropertytaxuponwhichthecreditisbased.
Example:Yourhomein2017was1,200squarefeetandyourpropertytaxwas$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 Instructions2019Form576Page2