Form 572 - Transfer Agreement For Income Tax, Rural Electric Cooperatives Tax, Or Insurance Premium Tax Credit Page 2
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32011 Form 572- Page 2
Transferable Credits for Income Tax,
Rural Electric Cooperatives Tax, or Insurance Premium Tax
Notice
Effective July 1, 2011
Tax credits transferred or allocated must be reported on OTC Form 569. Failure to file Form 569 will result in the af-
fected credits being denied by the Oklahoma Tax Commission pursuant to 68 OS Sec. 2357.1A-2.
Tax Credit Moratorium
Many Oklahoma credits available against corporate and individual income taxes are subject to a moratorium.
The Coal Credit, the Credit for Manufacturers of Small Wind Turbines, the Credit for the Construction of Energy Ef-
ficient Homes and the Credit for Railroad Modernization are subject to a two-year moratorium from July 1, 2010 through
June 30, 2012. These credits can not be established during the moratorium.
The Credit for Qualified Rehabilitation Expenditures is also subject to the two-year moratorium from July 1, 2010
through June 30, 2012; however, credits can be established during the moratorium. Any credit established during this
period will accrue and may not be claimed until tax year 2012.
The Credit for Electricity Generated by Zero-Emission Facilities is subject to a one-year moratorium from July 1, 2010
through June 30, 2011. Credits can be established during the moratorium; however, any credits established will accrue
and may not be claimed until tax year 2012.
Note: Credits established before July 1, 2010 are eligible to be transferred under normal transfer provisions.
The following is a list of the credits that are transferable along with the statutory reference.
Coal Credit
68 OS Sec. 2357.11 and Rule 710:50-15-76
For tax years beginning on or after January 1, 1993 and ending on or before December 31, 2012, Section 2357.11(B)
provides for a coal credit, for the purchase of Oklahoma-mined coal, to businesses providing water, heat, light or power
from coal to the citizens of Oklahoma or to those which burn coal to generate heat, light or power for use in manufacturing
operations in Oklahoma. For the period of July 1, 2006 through December 31, 2006 and for tax years beginning on or af-
ter January 1, 2007 and ending on or before December 31, 2012, an additional credit is allowed for Oklahoma-mined coal
purchased. However, the additional credit may not be claimed or transferred prior to January 1, 2008. Section 2357.11(C)
provides, for tax years beginning on or after January 1, 1995 and ending on or before December 31, 2005 and for the pe-
riod of January 1, 2006 through June 30, 2006, an additional credit to those businesses referred to in Section 2357.11(B)
which purchased at least 750,000 tons of Oklahoma-mined coal in the tax year.
For tax years beginning on or after January 1, 2001, Section 2357.11(D) provides for a coal credit to businesses
primarily engaged in mining, producing or extracting coal in this state. A valid permit issued by the Oklahoma Department
of Mines must be held. Section 2357.11(E) provides, for tax years beginning on or after January 1, 2001 and ending on
or before December 31, 2005 and for the period of January 1, 2006 through June 30, 2006, an additional credit to such
businesses that mine, produce or extract coal from thin seams, provided such coal has not been sold to any consumer
who purchases at least 750,000 tons of Oklahoma mined coal in the tax year. Section 2357.11(F) provides, for the period
July 1, 2005 through June 30, 2006, an additional credit to such businesses that mine, produce or extract coal from thin
seams. None of the credits, provided for in this paragraph, will be allowed for coal mined, produced or extracted in any
month in which the average price of coal is $45 (for months through June 30, 2006) or $68 (for months beginning July 1,
2006) or more per ton, excluding freight charges.
Any credit allowed but not used will have a five year carryover provision following the year of qualification. The credits
allowed pursuant to Sections 2357.11 (B), (C), (D), and (E) are freely transferable to any taxpayer and at any time, sub-
sequent to January 1, 2002, during the five years following the year of qualification provided the additional credit allowed
pursuant to Section 2357.11(B) is freely transferable at any time, after January 1, 2008, during the five years following the
year of qualification. The credit allowed pursuant to Section 2357.11 (F) is freely transferable to any taxpayer and at any
time subsequent to July 1, 2006, during the five years following the year of qualification. Enclose, with the Form 572, a
Tax Commission acknowledgment of credits earned. Note: This credit, upon election of the taxpayer, may be claimed as
a payment or prepayment of tax or as an estimated tax payment. If this election is made, the credit should be claimed on
Form 511CR, line 2.
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