Fillable Form 511cr - Oklahoma Other Credits

2014 Form 511CR – page 8

Other Credits Information

Credit for Manufacturers of Electric Vehicles

A Credit for Manufacturers of Electric Vehicles 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.

2357.402 and Rule 710:50-15-112.

Credit for Cancer Research Contribution

A credit is allowed to any taxpayer who makes a donation to a qualified cancer research institute. The credit is 50% of the

amount donated, but may not exceed $1,000 ($2,000 for a married filing joint return). A “cancer research institute” means

an organization which is exempt from taxation under the Internal Revenue Code (IRC) or a not-for-profit supporting orga-

nization, as defined by the IRC, affiliated with a tax-exempt organization. The tax exempt organization must have raising

the standard of cancer clinical care, in Oklahoma, through peer-reviewed cancer research and education as its primary

focus; be either an independent research institute or a program that is part of a state university which is a member of The

Oklahoma State System of Higher Education; and receive at least $4 million in National Cancer Institute funding each

year. Any credit allowed but not used will have a four year carryover provision. A copy of the canceled check or receipt

must be provided as proof of the donation. 68 OS Sec. 2357.45 and Rule 710:50-15-113.

Oklahoma Capital Investment Board Tax Credit

Enclose the Tax Credit Certificate issued by the Oklahoma Capital Investment Board (OCIB) as provided for in the Okla-

homa Capital Formation Act. The Certificate will indicate the face amount of the tax credit and the State’s fiscal year

in which the credit may be claimed. The credit is freely transferable to subsequent transferees upon the issuance of a

new Certificate by the OCIB to the transferee. Except as provided, no tax credit shall be exercisable after July 1, 2020.

Tax credits may be exercised after July 1, 2020, if the credits were purchased or agreed to be purchased pursuant to

an agreement originally entered into no later than December 31, 1995. Transferees may exercise the credits after July

1, 2020 if the credits were obtained from the person who originally entered into such an agreement or by a subsequent

transferee if the credit transfer occurred prior to June 8, 2012. 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 this line of the Form 511CR. 74 OS Sec. 5085.7.

Credit for Contributions to a Scholarship-Granting Organization

A credit is allowed for contributions to an eligible scholarship-granting organization. The credit is 50%* of the amount

contributed, not to exceed $1,000 for an individual ($2,000 for a married filing joint return) or $100,000 for a legal business

entity. A “scholarship-granting organization” means a nonprofit organization, registered with the Oklahoma Tax Commis-

sion, which distributes scholarships so an eligible student, or an eligible special needs student, can attend an elemen-

tary or secondary private school. Any credit allowed but not used will have a three-year carryover provision. 68 OS Sec.

2357.206 and Rule 710:50-15-114

* Note: The credit has an overall cap. If the total credits eligible to be claimed by all individuals or businesses exceed

the specified cap, the percentage allowed will be reduced. The Tax Commission will publish the percentage of the con-

tribution which may be claimed as a credit. The scholarship-granting organization will notify contributors of that amount

annually.

Credit for Contributions to an Educational Improvement Grant Organization

A credit is allowed for contributions to an eligible scholarship-granting organization. The credit is 50%* of the amount

contributed, not to exceed $1,000 for an individual ($2,000 for a married filing joint return) or $100,000 for a legal business

entity. For a taxpayer who makes an eligible contribution and makes a written commitment to contribute the same amount

for the next two years, the credit will be 75%* of the amount of the contribution made in the first year. An “educational

improvement grant organization” means a nonprofit organization, registered with the Oklahoma Tax Commission, which

contributes at least 90% of its annual receipts as grants to eligible public schools for innovative educational programs. An

innovative educational program is an advanced academic or academic improvement program that is not part of the regular

coursework of a public school but enhances the curriculum or academic program of the school or provides early childhood

education programs to students. Any credit allowed but not used will have a three-year carryover provision. If claiming the

75% credit, evidence of the written commitment must be provided. 68 OS Sec. 2357.206 and Rule 710:50-15-115

* Note: The credit has an overall cap. If the total credits eligible to be claimed by all individuals or businesses exceed

the specified cap, the percentage allowed will be reduced. The Tax Commission will publish the percentage of the con-

tribution which may be claimed as a credit. The education improvement grant organization will notify contributors of that

amount annually.

Form 511cr - Oklahoma Other Credits - 2014 Page 8

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