Fillable Form 511cr - Oklahoma Other Credits

2014 Form 511CR – page 4

Other Credits Information

Small Business Guaranty Fee Credit

Any financial institution, subject to the “in Lieu” tax, is entitled to claim as a credit the amount of the guaranty fees the

financial institution pays to the U.S. Small Business Administration (SBA) under certain SBA loan programs. Any credit

allowed but not used will have a five-year carryover provision. Enclose Form 529. 68 OS Sec. 2370.1.

A Small Business Guaranty Fee Credit that was established by a small business in a prior year but not used due to the

limitations provided may be carried over. The unused credit may be carried over for a period not to exceed five years.

Enclose Form 529. 68 OS Sec. 2357.30.

Credit for Qualified Recycling Facility

A credit for an investment in a qualified recycling facility that was established in a prior year but not used due to the limita-

tions provided may be carried over. The unused credit may be carried over for a period not to exceed 14 years. 68 OS

Sec. 2357.59 and Rule 710:50-15-84.

Credit for Employers Providing Child Care Programs

A Credit for Employers Providing Child Care Programs that was established in a prior year but not used due to the limita-

tions provided may be carried over. The unused credit may be carried over for a period not to exceed four years. 68 OS

Sec. 2357.26 and Rule 710:50-15-19.

Credit for Entities in the Business of Providing Child Care Services

Entities primarily engaged in the business of providing child care services will be allowed a 20% credit for eligible ex-

penses. Eligible expenses are amounts incurred to comply with the standards promulgated by a national accrediting

association recognized by the Department of Human Services and which would not have been incurred to comply with the

Oklahoma Child Care Facilities Licensing Act. The credit will not be allowed for any amounts for which the entity claims

or receives an income tax credit, exemption or deduction. Any credit allowed but not used will have a four year carryover

provision. 68 OS Sec. 2357.27.

Credit for Commercial Space Industries

A Credit for Commercial Space Industries that was established in a prior year but not used due to the limitations provided

may be carried over. The unused credit may be carried over for a period not to exceed four years. 68 OS Sec. 2357.13.

Credit for Tourism Development or Qualified Media Production Facility

A Credit for Tourism Development or Qualified Media Production Facility that was established in a prior year but not used

due to the limitations provided may be carried over. The unused credit may be carried over for a period not to exceed 10

years. 68 OS Sec. 2357.34 – 2357.40.

Oklahoma Local Development and Enterprise Zone Incentive Leverage Act Credit

An Oklahoma Local Development and Enterprise Zone Incentive Leverage Act Credit that was established in a prior year

but not used due to the limitations provided may be carried over. The unused credit may be carried over for a period not

to exceed 10 years. 68 OS Sec. 2357.81.

Credit for Qualified Rehabilitation Expenditures

Provides a credit for qualified rehabilitation expenditures incurred with any certified historic structure as defined in Sec.

2357.41. The credit is to be equal to the amount of the Federal rehabilitation investment credit allowed under the Internal

Revenue Code, Sec. 47. Any credit allowed but not used will have a 10 year carryover provision following the qualified

expenditures. The credit may be freely transferred, at any time during the five years following the year of qualification, to

any taxpayer upon the filing of the transfer agreement, Form 572, along with an OTC acknowledgment of credits earned.

The transferee shall enclose these same forms with the Form 511CR. If this credit which has been transferred is subse-

quently 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. 68 OS Sec. 2357.41 and Rule 710:50-15-108.

Rural Small Business Capital Credit

A Rural Small Business Capital Credit that was established in a prior year but not used due to the limitations provided may

be carried over. The unused credit may be carried over subject to the following limitations:

• The credit may be carried over for a period not to exceed three years for investments made on or after November 1, 2006.

• The credit may be carried over for a period not to exceed ten years for investments made prior to June 7, 2006.

• The credit may be carried over for a period not to exceed ten years for investments made on or after June 7, 2006 and

prior to November 1, 2006, provided they met the conditions specified in statute.

Enclose Form 526-A for the year the credit was originally established. 68 OS Sec. 2357.71 – 2357.76 and Rule 710:50-15-87.

Form 511cr - Oklahoma Other Credits - 2014 Page 4

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