Fillable Form 529 - Oklahoma Small Business Guaranty Fee Credit

Form 529 - Oklahoma Small Business Guaranty Fee Credit - 2014 Page 2

Download a blank fillable Form 529 - Oklahoma Small Business Guaranty Fee Credit - 2014 in PDF format just by clicking the "DOWNLOAD PDF" button.

Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.

Complete Form 529 - Oklahoma Small Business Guaranty Fee Credit - 2014 with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.

Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.

2014 Form 529 - page 2

Small Business Guaranty Fee Credit

Credit Available for Banks and Credit Unions

68 OS Sec. 2370.1

There shall be a credit against the tax imposed by 68 OS Sec. 2370 for any state banking association, national banking

association and credit union organized under the laws of this state for the amount of the guaranty fee paid by the banking

association or credit union to the United States Small Business Administration (SBA) pursuant to the “7(a)” loan guaranty

program.

No credit may be claimed pursuant to this section if, pursuant to the agreement between the banking association or credit

union and the entity to which proceeds are made available, the banking association or credit union adds the amount of the

SBA 7(a) loan guaranty fee to the amount financed by the borrower or in any other way recovers the guaranty fee from the

borrower.

If the credit exceeds the amount of income taxes due or if there are no state income taxes due on the income of the tax-

payer, the amount of the credit not used may be carried forward as a credit against subsequent income tax liability for a

period not to exceed five years.

A bank or credit union making a Federal Subchapter “S” election is not subject to the “in lieu” tax and therefore not eligible

for this credit.

Credit Available for Small Business

68 Oklahoma Statutes (OS) Sec. 2357.30

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.

The credit shall only be claimed against the tax liability resulting from income generated by the small business. If an in-

come tax return upon which this credit is claimed includes taxable income from sources other than the small business, the

credit shall only be allowed to be claimed upon a percentage of the income tax liability which does not exceed the percent-

age of income generated by the small business as compared to the total Oklahoma adjusted gross income for individuals

or Oklahoma taxable income for corporations and fiduciaries.

Notice

Tax credits transferred or allocated must be reported on Oklahoma Tax Commission (OTC) Form 569. Failure to file Form

569 will result in the affected credits being denied by the OTC pursuant to 68 OS Sec. 2357.1A-2.

Form 529 - Oklahoma Small Business Guaranty Fee Credit - 2014 Page 2

Related Articles

Related forms

Related Categories