Fillable Form 511cr - Oklahoma Other Credits

2014 Form 511CR – page 6

Other Credits Information

Film or Music Project Credit

For tax years ending before January 1, 2015, there is allowed a credit equal to 25% of the amount of profit made from an

investment with a production company to pay for production costs in an existing Oklahoma film or music project produced

after July 1, 2005. In order to claim the credit, the taxpayer must reinvest the profit with the production company, to pay for

the production cost of a new Oklahoma film or music project. Enclose Form 562. 68 OS Sec. 2357.101 and Rule 710:50-

15-101.

Credit for Breeders of Specially Trained Canines

A Credit for Breeders of Specially Trained Canines 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 five years. 68 OS Sec.

2357.203 and Rule 710:50-15-97.

Credit for Wages Paid to an Injured Employee

For tax years ending before January 1, 2015, a credit is allowed for eligible wages paid by an employer to an employee

who is injured as a result of an injury which is compensable under Title 85 of the Oklahoma Statutes. The credit is 10% of

the amount of the gross wages paid to the employee beginning when the employee returns to work with restricted duties

as provided by the employee’s treating physician or an independent medical examiner before the employee has reached

maximum medical improvement, and ending after 90 days or when the employee has reached maximum medical im-

provement if earlier. In no event shall the credit exceed $5,000 for each employee of each taxpayer and the total credit

claimed shall not exceed $25,000 in any one year for any taxpayer. Enclose a schedule showing the computation of the

credit; include employee name, social security number, eligible wages paid, and the number of days for which the eligible

wages were paid. 68 OS Sec. 2357.47 and Rule 710:50-15-107.

Credit for Modification Expenses Paid for an Injured Employee

Establishes a credit for eligible modification expenses incurred by an employer to modify a workplace, tools or equipment

or to obtain new tools or equipment and which are incurred by an employer solely to enable a specific employee who has

incurred an injury that is compensable under Title 85 of the Oklahoma Statutes to return to work with restricted duties as

provided by the employee’s treating physician or an independent medical examiner before the employee has reached

maximum medical improvement, and which workplace, tools or equipment are used primarily by the injured employee.

The credit is 50% of the amount of funds expended for eligible modification expenses. In no event shall the credit exceed

$1,000 for eligible modification expenses incurred for any single employee and the total credit claimed shall not exceed

$10,000 in any year for any taxpayer. Enclose a schedule showing the computation of the credit; include employee name

and social security number and the eligible modification expenses for such employee. 68 OS Sec. 2357.47 and Rule

710:50-15-107.

Dry Fire Hydrant Credit

A Dry Fire Hydrant Credit that was established in a prior year but not used due to the limitations provided may be car-

ried over. The unused credit may be carried over for a period not to exceed four years. 68 OS Sec. 2357.102 and Rule

710:50-15-99.

Credit for the Construction of Energy Efficient Homes

Establishes a credit equal to the eligible expenses incurred by a contractor in the construction of energy efficient resi-

dential property of 2,000 square feet or less located in Oklahoma and which has been certified by a Residential Energy

Services Network provider. “Eligible expenses” means any energy efficient heating or cooling system; insulation material

or system designed to reduce the heat gain or loss; exterior windows, including skylights; exterior doors; and Energy Star

program metal roof. In no event shall the credit exceed $4,000 for residential property certified at 40% or more above the

2003 International Energy Conservation Code (IECC), including any supplement, or exceed $2,000 for residential prop-

erty certified at between 20% and 39% of the 2003 IECC, including any supplement. The contractor shall not be allowed

a credit for residential property certified at less than 20% of the 2003 IECC, including supplements. Any credit allowed but

not used will have a four year carryover provision. The credit may be freely transferable to any taxpayer upon the filing of

the transfer agreement, Form 572, along with an OTC acknowledgment of credits earned. For each home, enclose proof

of the energy rating, such as a copy of the Energy Star Certification sticker or the Energy Star Certificate or, if you are the

transferee, a copy of the transfer agreement and OTC acknowledgement. You must be able to document the type and

amount of expenses upon which the credit was based upon request. 68 OS Sec. 2357.46 and Rule 710:50-15-104.

Form 511cr - Oklahoma Other Credits - 2014 Page 6

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