Fillable Form 511cr - Other Credits Form - 2012 (Page 10 of 11) in pdf

2012 Form 511CR – page 10

Other Credits Information

Research and Development New Jobs Credit

Employers, primarily engaged in computer services, data processing or research and development, may qualify for the

Research and Development New Jobs Credit. The credit is $500 per employee and is computed on the average number

of new qualified employees whose salaries or wages are at least $35,000 and are subject to Oklahoma income tax with-

holding. The credit, once established, is also allowed in each of the eight subsequent years if the level of new employees

is maintained. Any credit allowed but not used may be carried over in order to each of the four years following the year of

qualification and to the extent not used on those years in order to each of the following five years. Enclose Form 563.

68 OS Sec. 54006 and Rule 710:50-15-105.

Note: Tax credit moratorium. No credit may be claimed for jobs created during the period of July 1, 2010 through June

30, 2012, for which the credit would otherwise be allowable. This credit may be claimed for tax year 2012 and subsequent

tax years, for new jobs created on or after July 1, 2012.

(available for banks and credit unions filing Form 512)

Credit for Stafford Loan Origination Fee

Oklahoma banks and credit unions paying the origination fee to the U.S. Department of Education pursuant to the “Staf-

ford” loan program for an Oklahoma resident will be allowed a credit against the bank in lieu tax. The credit is the amount

of origination fee paid by such bank or credit union; however, no credit will be allowed if the bank or credit union, in any

way, recovers the origination fee from the borrower. Any credit allowed but not used will have a five year carryover provi-

sion. 68 OS Sec. 2370.3 and Rule 710:50-15-110.

Note: Tax credit moratorium. Specifically origination fees paid between July 1, 2010 and June 30, 2012 are ineligible to

be claimed as an income tax credit.

Gas Used in Manufacturing Credit

A credit is available at the rate of three mills per thousand cubic feet of gas used or consumed during each taxable year

when used in manufacturing. This shall not apply to the first twenty-five thousand MCF used or consumed. Enclose a

schedule showing the computation of the credit. If you are a member of a pass-through entity, the schedule should also

contain the name and Federal Employer Identification Number of the pass-through entity and the portion of the credit al-

located to you. 68 OS Sec. 2357(C) and Rule 710:50-15-110.

Note: Tax credit moratorium. Specifically gas used between July 1, 2010 and June 30, 2012 is ineligible to be claimed

as an income tax credit.

Credit for Biomedical Research Contribution

A credit is allowed to any taxpayer who makes a donation to a qualified independent biomedical research institute. The

credit is 50% of the amount donated, but may not exceed $1,000 ($2,000 for a married filing joint return). An “independent

biomedical research institute” means an organization which is exempt from taxation under the Internal Revenue Code

section 501(c)(3) whose primary focus is conducting peer-reviewed basic biomedical research. The organization shall

have a board of directors, be able to accept grants in its own name, be an identifiable institute that has its own employees

and administrative staff, and receive at least $15 million in National Institute of Health 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.

Credit for Employees in the Aerospace Sector

Establishes a $5,000 credit for a qualified employee who has a degree in engineering and who, on or after January 1,

2009, is employed by or contracting with a qualified employer whose principal business activity is in the aerospace sec-

tor. The credit is allowed each year for up to the first five years. To qualify for the credit the employee may not have been

employed in the aerospace sector in Oklahoma immediately preceding employment or contracting with a qualified em-

ployer. Any credit allowed but not used will have a five year carryover provision. Enclose Form 564. 68 OS Sec. 2357.301

& 2357.304 and Rule 710:50-15-109.

Credits for Employers in the Aerospace Sector

Establishes credits for tuition reimbursement and for compensation paid to a qualified employee by a qualified employer. A

qualified employee is a person employed by or contracting with a qualified employer on or after January 1, 2009, who has

been awarded an undergraduate or graduate degree in engineering and who was not employed in the aerospace sector in

Oklahoma immediately preceding current employment. The credit for tuition reimbursement is 50% of amount reimbursed,

but may not exceed 50% of the average annual amount paid for enrollment and instruction in a qualified program at an

Oklahoma public institution. The credit for compensation paid to a graduate of an Oklahoma institution is 10% of such

compensation and if the employee graduated from an institution located outside Oklahoma the credit is 5%; this credit

may not exceed $12,500 annually for each qualified employee. Enclose Form 565. 68 OS Sec. 2357.301, 2357.302 &

2357.303 and Rule 710:50-15-109.

Form 511cr - Other Credits Form - 2012 Page 10

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