OTC Form 578 Refundable Credit for Electricity Generated by Zero-Emission Facilities - Oklahoma

What Is OTC Form 578?

This is a legal form that was released by the Oklahoma Tax Commission - a government authority operating within Oklahoma. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is OTC Form 578?A: OTC Form 578 is a form used to claim a refundable credit for electricity generated by zero-emission facilities.

Q: What is the purpose of OTC Form 578?A: The purpose of OTC Form 578 is to allow individuals or businesses to claim a credit for generating electricity through zero-emission facilities in Oklahoma.

Q: What is a zero-emission facility?A: A zero-emission facility is a facility that generates electricity without emitting any greenhouse gases or other harmful pollutants.

Q: Who can claim the refundable credit?A: Individuals or businesses that generate electricity through zero-emission facilities in Oklahoma can claim the refundable credit.

Q: How much is the refundable credit?A: The amount of the refundable credit is equal to $0.005 per kilowatt-hour of electricity generated by a zero-emission facility.

Q: How to submit OTC Form 578?A: OTC Form 578 can be submitted electronically or by mail to the Oklahoma Tax Commission.

Q: Are there any requirements to claim the credit?A: Yes, there are requirements such as maintaining records of electricity generation and compliance with any applicable regulations.

Q: Is there a deadline to submit OTC Form 578?A: Yes, OTC Form 578 must be filed with the Oklahoma Tax Commission by April 15th of the year following the year in which the electricity was generated.

Q: Is the refundable credit transferrable?A: No, the refundable credit cannot be transferred or sold to another individual or business.