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 2014

Credit Computation Enter the allowed ad valorem property tax paid on the property and on improvementsthefirstyearaftertheimprovementiscomplete ........................ ______________________ (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 the ad valorem property tax paid on the property and on 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.

Refundablecreditavailablefortaxyear2014.(Subtractline2fromline1) ....... ______________________

Refundablecreditavailablefortaxyear2015.(Multiplyline3by80%) ............. ______________________ Refundablecreditavailablefortaxyear2016.(Multiplyline4by80%) ............. ______________________

Refundablecreditavailablefortaxyear2017.(Multiplyline5by80%) ............. ______________________

Refundablecreditavailablefortaxyear2018.(Multiplyline6by80%) ............. ______________________ThefilingofthisformauthorizestheOklahomaTaxCommissiontoverifytheinformationcontainedhereinwiththeapplica-bleCountyAssessorʼsand/orTreasurerʼsoffice.

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

5

6

7

68 Oklahoma Statutes Sec. 2357.29A

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

Theamountofthecreditisthedifferencebetweenthead valorem property tax paid on the property and on 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,hasmoresquarefeetthanitdidinintheyearpriortothenaturaldisaster,donotenterthefullamountofyourpropertytaxonline1.Thecreditisbasedonsameorsimilarsquarefootage;therefore,youmustdeterminetheportionofyourpropertytaxbasedonthesizeofyourhome,asitwasintheyearpriortothenatu-raldisaster.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 Instructions2014Form576Page2