Form 506 Draft - Investment/new Jobs Credit - 2016
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Draft
Placeholder
State of Oklahoma
9/29/16
Investment/New Jobs Credit
506
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Provide with Oklahoma income tax return - Form 511, 511NR, 512, 512-S, 513, 513NR, or 514.
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Please read the information on pages 2 and 3 carefully.
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Social Security Number
Name as Shown on Return
CHECK ONE
Sole Proprietorship
Federal Employer Identification Number
Partnership
S-Corporation
Mfg. Sales/Exemption Permit (MSEP)
Corporation
Name of Business
(required for a manufacturing facility)
Fiduciary
Furnish the exact location of the manufacturing facility or web search portal establishment for which the credit is being claimed.
Also provide a full explanation of the type of manufacturing or activity in which you are engaged.
New Jobs Credit
Employee must be paid at least $7,000 in wages or salary subject to Oklahoma income tax withholding
in the year credit is claimed. Any new employees hired in subsequent years must be entered on a new Form 506.
Monthly average of qualified full-time employees
Number of full-time employees
Net increase
Total credit
engaged in manufacturing for 4th quarter
engaged in manufacturing
(decrease)
for additional
during base year
employees
2015
(see instructions)
Taxable Year
Column 1 - Column 2
(1)
(2)
(3)
(4)
2016
2017
2018
2019
2020
Notice: Credit may be claimed for either new jobs or investment, but not both. Complete both calculations.
Investment Credit
Allowable Credit
Investment in Oklahoma Qualified Depreciable
Credits not used may be carried over,
Property placed into service in 2016.
in order, to each of the fifteen years
This investment must be at least $50,000.
following the initial five-year period.
Credit from
Amount invested
Credit Allowed
Tax Year
Amount of
Rate
Carryover
Column 4 or 7
Available
Credit Used
1%
(see instructions)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
2016
2016
(1%)
2017
(1%)
2017
2018
(1%)
2018
2019
(1%)
2019
2020
2020
(1%)
The credit shall be allowed in each of the four subsequent tax years only if the level of new employees is maintained or qualified prop-
erty is not sold, disposed of, or transferred. New jobs credit cannot be claimed as a result of investment in equipment on which invest-
ment credit was claimed in previous years. This form must be used for each of the four remaining years in which the credit is claimed.
Enterprise Zone
The credit is doubled (per 62 Oklahoma Statutes (OS) Sec. 690.4) if the facility is located in an enterprise zone. If you have
questions about which areas in Oklahoma qualify as Enterprise Zones, see the current listing at
data/maps. For additional information, contact Lesli Crofford with the Oklahoma Department of Commerce by email at lesli.
crofford@commerce.ok.gov or by phone at (405) 815-5120.
Check if located in an enterprise zone and provide the following:
2010 Census Tract Number: _______________________________________________________________________
County where facility is located: ____________________________________________________________________
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