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

2012 Form 511CR – page 11

Other Credits Information

Wire Transfer Fee Credit

A credit is allowed for the electronic funds transfer fee paid pursuant to the Drug Money Laundering and Wire Transmit-

ter Act (63 OS Sec. 2-503.1j). The electronic funds transfer fee is $5 plus 1% of the transfer amount in excess of $500.

Any credit allowed but not used will have a five year carryover provision. Upon request you must be able to document the

amount of fees paid upon which the credit is based. 68 OS Sec. 2357.401 and Rule 710:50-15-111.

Credit for Manufacturers of Electric Vehicles

Establishes a one-time credit for a manufacturer of low-speed electric motor vehicles, medium-speed electric motor

vehicles or electric motor vehicles which are manufactured after June 30, 2010. The manufacturer must hold a manufac-

turer’s exemption permit (MSEP).

The credit is as follows:

•

For low-speed electric motor vehicles, the credit is $500 per vehicle manufactured.

•

For medium-speed electric motor vehicles, the credit is $1,000 per vehicle manufactured.

•

For electric motor vehicles, which are not low-speed or medium-speed vehicles, the credit is $2,000 per vehicle

manufactured.

Any credit allowed but not used will have a five year carryover provision. 68 OS Sec. 2357.402 and Rule 710:50-15-112.

Business Activity Tax Credit

•

A credit equal to the $25 Oklahoma Business Activity Tax paid on Form 511 or 511NR is allowed. The credit may

only be taken for the year in which the Business Activity Tax is levied and if such tax is timely paid. Enclose Form

511-BAT “Oklahoma Business Activity Tax”.

•

A credit equal to the $25 Business Activity Tax reported on Form BT-190 Part 2, line 1, is allowed. The credit may

only be taken for the year in which the Business Activity Tax is levied and if such tax is timely paid. A limited liabil-

ity company (LLC), including a single member LLC, does not qualify for this credit but will be entitled to a credit

with the Oklahoma Secretary of State. An entity whose Business Activity Tax reported on Part 2, line 1 of Form

BT-190 is greater than $25 does not qualify for this credit. The credit may not flow through to the members of a

pass-through entity.

68 OS Sec. 1219 and Rule 710:95-19-6.

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.

Form 511cr - Other Credits Form - 2012 Page 11

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