567-A: 2024 Form 567-A Credit for Investment in Clean-Burning Motor Vehicle Fuel Property (2024)
Oklahoma · Oklahoma Tax Commission · Used for tax years 2024
Oklahoma Form 567-A calculates the credit for investments in qualified clean-burning motor vehicle fuel property. It covers qualified vehicle purchases or conversions, fuel delivery and storage property, public access electric vehicle recharging systems, and natural gas refueling
Who files this form
Use 2024 Form 567-A to calculate a credit for investments in qualified clean-burning motor vehicle fuel property:
- Part 1: Purchase or conversion of a qualified motor vehicle using compressed natural gas, liquefied natural gas, liquefied petroleum gas or a hydrogen fuel cell.
- Part 2: Qualified fuel delivery and storage property used for commercial purposes or for a fee, or a metered-for-fee public access vehicle recharging system.
- Part 3: Qualified natural gas refueling equipment at a private residence for noncommercial use.
- Part 4: Combine the credits from Parts 2 and 3.
Conversion equipment must be new, installed by a certified alternative fuels equipment technician, and meet the safety requirements listed on the form. Property claimed under Parts 2 and 3 must also be new and meet the form's use restrictions.
What you'll need
Have the following information and supporting documentation ready for the parts you complete:
- Your name as shown on your return and your Social Security number or federal employer identification number.
- For a vehicle credit: make, model, VIN, tag number and date placed in service. Sections A and B also use the vehicle's gross weight to determine the credit limit.
- Part 1, Section A: Documentation supporting the cost of the conversion equipment installed.
- Part 1, Section B: Documentation supporting your basis in the vehicle. You must also enter the percentage attributable to qualifying clean-burning fuel storage, delivery to the engine and exhaust property.
- Part 1, Section C: Documentation supporting the vehicle's cost.
- Parts 2 and 3: Documentation supporting the cost of the qualified property.
The credit amounts calculated on this form are carried to Form 511-CR.
Common mistakes
- Putting several vehicles on one form: Complete a separate Form 567-A for each vehicle. Combine all Part 1 credits on Form 511-CR, line 3a.
- Completing the wrong Part 1 section: Use Section A for a conversion. For an originally equipped vehicle, use Section B if you elect to determine the exact qualifying portion of the basis, or Section C if you cannot or elect not to do so.
- Leaving out cost documentation: The form asks for documentation supporting the cost or basis entered on line 1 of each applicable section or part.
- Repeating Part 4 for multiple residential locations: Part 3 directs you to complete a separate form for each location, but complete Part 4 on only one form using the combined totals.
- Transferring credits to the wrong line: Carry Part 1 credits to Form 511-CR, line 3a. Carry the combined Part 2 and Part 3 credits from Part 4 to Form 511-CR, line 3b.
Questions people ask
What are the vehicle credit limits?
For Part 1, Sections A and B, the maximum credit depends on gross vehicle weight:
- 6,000 pounds or less: $5,500.
- 6,001 to 10,000 pounds: $9,000.
- 10,001 to 26,500 pounds: $26,000.
- 26,501 pounds or more: $100,000.
Section A limits the credit to the lesser of equipment cost or the weight-based maximum. Section B limits it to the lesser of the qualifying portion of the vehicle's basis or that maximum.
What if I cannot determine the exact qualifying basis of an originally equipped vehicle?
Use Part 1, Section C if you cannot or elect not to determine the exact qualifying basis. The credit is the lesser of 10% of the vehicle's cost or $1,500.
How much is the credit for fueling or recharging property?
Part 2 allows a per-location credit of 45% of qualified property cost. Buildings and their structural components are excluded. An electric vehicle recharging system must be public access and metered for a fee.
How much is the credit for a natural gas refueling station at home?
Part 3 allows a per-location credit equal to the lesser of $2,500 or 50% of qualified property cost. The property must compress and deliver natural gas from a private residence into a compressed natural gas vehicle's fuel tank for noncommercial use.
Can I carry forward unused credit?
Yes. The form states that any credit allowed but not used has a five-year carryover provision.