Fillable Form 511cr - Other Credits Form - 2012 (Page 6 of 11) in pdf

2012 Form 511CR – page 6

Other Credits Information

Rural Small Business Capital Credit

A Rural Small Business Capital Credit 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 subject to the following limitations:

• The credit may be carried over for a period not to exceed three years for investments made on or after November 1, 2006.

• The credit may be carried over for a period not to exceed ten years for investments made prior to June 7, 2006.

• The credit may be carried over for a period not to exceed ten years for investments made on or after June 7, 2006 and

prior to November 1, 2006, provided they met the conditions specified in statute.

Enclose Form 526-A. 68 OS Sec. 2357.71 – 2357.76 and Rule 710:50-15-87.

Credit for Electricity Generated by Zero-Emission Facilities

A credit shall be allowed for the production and sale, to an unrelated person, of electricity generated by zero-emission fa-

cilities located in this state. For facilities placed in operation on or after January 1, 2007, the credit for the electricity gener-

ated is $0.0050 per kilowatt-hour. Credits may be claimed during a ten-year period following the date the facility is placed

in operation. Any credit allowed but not used will have a 10 year carryover provision. The credit may be freely transferable,

at any time during the 10 years following the year of qualification, to any taxpayer upon filing of the transfer agreement,

Form 572, along with an OTC acknowledgment of credits earned. Enclose a schedule showing the number of kilowatt-

hours of electricity generated during each month of the taxable year and the calculation of the credit or, if you are the

transferee, a copy of the transfer agreement and OTC acknowledgement. Note: This credit, upon election of the taxpayer,

may be claimed as a payment or prepayment of tax or as an estimated tax payment on or after July 1 of the calendar year

following the year of qualification. If this election is made, the credit should be claimed on this line of Form 511CR.

For facilities placed in operation before January 1, 2007, a Credit for Electricity Generated by Zero-Emission Facilities 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 10 years.

68 OS Sec. 2357.32A and Rule 710:50-15-110.

Note: Tax credits accrued during the Moratorium. Any credit established during the period of July 1, 2010 through

June 30, 2011 may be claimed in tax year 2012. Enclose a schedule showing the number of kilowatt-hours of electricity

generated during each month of the moratorium and the calculation of the credit or, if you are the transferee, a copy of the

transfer agreement, Form 572, along with the OTC acknowledgment of credit earned.

Credit for Financial Institutions Making Loans Under the Rural Economic Development Loan Act

Oklahoma financial institutions shall be allowed a credit against the bank in lieu tax in an amount equal to the taxable

income received pursuant to a loan made under the “Rural Economic Development Loan Act” 62 OS Sec. 90.1 through

90.9. The credit is limited each year to 5% of the amount of annual payroll directly attributable to new jobs that are cre-

ated as a result of the loan made under the act. The Rural Economic Development Loan Program Review Board certifies

payroll eligible for the credit. The credit may be claimed for any number of years necessary until the total amount of credits

claimed is equal to the total amount of taxable income received. Any credit allowed but not used will have a five year car-

ryover provision. 68 OS Sec. 2370 and Rule 710:50-15-110.

Note: Tax credit moratorium. Specifically loans made between July 1, 2010 and June 30, 2012 cannot be claimed as an

income tax credit.

Credit for Manufacturers of Small Wind Turbines

For tax years ending on or before December 31, 2012, a credit shall be allowed for Oklahoma manufacturers of ad-

vanced small wind turbine products, including rotor blade and alternator fabrication. The credit is $25 per square foot of

rotor swept area of advanced small wind turbines manufactured in this state. Any credit allowed but not used will have a

10 year carryover provision. The credit may be freely transferable, at any time during the 10 years following the year of

qualification, to any taxpayer upon the filing of the transfer agreement, Form 572, along with an OTC acknowledgment of

credits earned. Enclose a schedule showing the square footage of rotor swept area produced each month of the taxable

year and the calculation of the credit or, if you are the transferee, a copy of the transfer agreement and OTC acknowl-

edgement. Note: This credit, upon election of the taxpayer, may be claimed as a payment or prepayment of tax or as an

estimated tax payment on or after July 1 of the calendar year following the year of qualification. If this election is made,

the credit should be claimed on this line of Form 511CR. 68 OS Sec. 2357.32B and Rule 710:50-15-92.

Note: Tax credit moratorium. No credit may be claimed for any advanced small wind turbines manufactured 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 advanced small wind turbines manufactured on or after July 1, 2012.

Form 511cr - Other Credits Form - 2012 Page 6

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