Form 572 - Transfer Agreement For Income Tax, Rural Electric Cooperatives Tax, Or Insurance Premium Tax Credit - Oklahoma Tax Commission Page 3
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3Form 572- Page 3
Transferable Credits for Income Tax,
Rural Electric Cooperatives Tax, or Insurance Premium Tax
(continued)
Credit for Qualified Rehabilitation Expenditures
68 OS Sec. 2357.41
For tax years beginning after December 31, 2000, a credit is available for qualified rehabilitation expenditures incurred
with any certified historic hotel or historic newspaper plant building located in an increment or incentive district —or— for
qualified rehabilitation expenditures incurred after January 1, 2006 in connection with any certified historic structure. The
credit may be freely transferred, at any time during the five years following the year of qualification. On or after January
1, 2009, if this credit which has been transferred is subsequently reduced as the result of an adjustment by the Internal
Revenue Service, OTC, or any other applicable government agency, only the transferor originally allowed the credit and
not any subsequent transferee of the credit, will be held liable to repay any amount of disallowed credit. Any unused credit
may be carried over for a period not to exceed ten years following the qualified expenditures.
Credit for Electricity Generated by Zero-Emission Facilities
68 OS Sec. 2357.32A
For facilities placed in operation on or after January 1, 2003 and before January 1, 2016, a credit is available for the
production and sale of electricity generated by zero-emission facilities located in this state. The sale must be to an unre-
lated person to qualify for this credit. The credit may be claimed during a ten-year period following the date the facility is
placed in operation. The credit is freely transferable at any time during the ten years following the year of qualification.
Any unused credit may be carried over for a period not to exceed ten years following the year of qualification. NOTE: This
credit, upon election of the taxpayer, may be claimed as a payment or prepayment of tax or as an estimated tax pay-
ment on or after July 1 of the calendar year following the year of qualification. If this election is made, the credit should be
claimed on Form 511CR, line 21.
Credit for Manufacturers of Small Wind Turbines
68 OS Sec. 2357.32B and Rule 710:50-15-92
For tax years beginning on or after January 1, 2003, and ending on or before December 31, 2012, a credit is available
for Oklahoma manufacturers of advanced small wind turbine products, including rotor blade and alternator fabrication.
Any credit allowed may only be claimed on or after July 1 following the calendar year of qualification. The credit is freely
transferable at any time during the ten years following the year of qualification. Any unused credit may be carried over for
a period not to exceed ten years following the year of qualification. NOTE: This credit, upon election of the taxpayer, may
be claimed as a payment or prepayment of tax or as an estimated tax payment on or after July 1 of the calendar year fol-
lowing the year of qualification. If this election is made, the credit should be claimed on Form 511CR, line 23.
Credit for the Construction of Energy Efficient Homes
68 OS Sec. 2357.46 and Rule 710:50-15-104
For tax years beginning after December 31, 2005, a credit is available for expenses incurred by a contractor in the
construction of a qualified Oklahoma energy efficient residential property of 2,000 square feet or less. Credits earned on
or after August 25, 2006, may be freely transferred. Any unused credit may be carried over for a period not to exceed four
years following the qualified expenditures.
Credit for Railroad Modernization
68 OS Sec. 2357.104 and Rule 710:50-15-103
For tax years beginning after December 31, 2005, a credit is available for Class II or Class III railroad’s qualified
railroad reconstruction or replacement expenditures. The credit may be freely transferred at any time during the five years
following the year of qualification. Any unused credit may be carried over for a period not to exceed five years following
the year of qualification.
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