Form 506 - Oklahoma Investment/new Jobs Credit - 2011
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4State of Oklahoma
Investment/New Jobs Credit
506
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0
Enclose with Oklahoma income tax return - Form 511, 511NR, 512, 512-S, 513, 513NR, or 514.
1
Please read carefully the information on pages 2 through 4 and the Tax Credit Moratorium on page 2.
1
Social Security Number
Name as Shown on Return
CHECK ONE
Sole Proprietorship
Federal Employer Identification Number
Partnership
S-Corporation
Mfg. Sales/Exemption Permit (MSEP)
Corporation
Name of Business
(required for a manufacturing facility)
Fiduciary
Please furnish the exact location of the manufacturing facility or web search portal establishment for which the credit is being claimed.
Also provide a full explanation of the type of manufacturing or activity in which you are engaged.
New Jobs Credit
Employee must be paid at least $7,000 in wages or salary subject to Oklahoma income tax withholding
in the year credit is claimed. Any new employees in subsequent years must be entered on a new Form 506.
Monthly average of qualified full-time employees
Number of full-time employees
Net increase
Total credit
engaged in manufacturing
engaged in manufacturing for 4th quarter
(decrease)
for additional
during base year
employees
(see instructions)
Taxable Year
2010
Column 1 - Column 2
(1)
(2)
(4)
(3)
2011
2012
2013
2014
2015
Notice: Credit may be claimed for either new jobs or investment, but not both. Complete both calculations.
Investment Credit
Allowable Credit
Investment in Oklahoma Qualified Depreciable
Credits not used may be carried over,
Property placed into service in 2011.
in order, to each of the fifteen years
This investment must be at least $50,000.
following the initial five-year period.
Tax Year
Credit from
Amount invested
Credit Allowed
Amount of
Carryover
Rate
Column 4 or 7
Available
1%
Credit Used
(see instructions)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
2011
(1%)
2011
2012
(1%)
2012
2013
(1%)
2013
2014
(1%)
2014
2015
(1%)
2015
The credit shall be allowed in each of the four subsequent tax years only if the level of new employees is maintained or qualified property
is not sold, disposed of, or transferred. New jobs credit cannot be claimed as a result of investment in equipment on which investment
credit was claimed in previous years. This form must be used for each of the four remaining years in which the credit is claimed.
Enterprise Zone: The credit is doubled per 62 Oklahoma Statutes (OS) Section 690.4 if the facility is located in an enterprise zone. If
you have questions about which areas in Oklahoma qualify as Enterprise Zones, contact Lesli Walsh with the Oklahoma Department of
Commerce by email at lesli_walsh@okcommerce.gov or by phone at (405) 815-5120.
Check here if located in an enterprise zone:
Notice...
• If you receive an incentive payment under one of the Quality Jobs incentives (such as 68 OS Sec. 3601, 3801, 3901 or 3911) or under
one of the Quality Investment incentives (such as 68 OS Sec. 4101 or 4201) you may not be eligible for this credit.
• Credit may not be claimed during the period of time that any withholding taxes are being paid to the Community Economic Development
Pooled Finance Revolving Fund or in any manner used for the payment of principal, interest or other costs associated with any obliga-
“Oklahoma Community Economic Development
tion issued by the Oklahoma Development Finance Authority in accordance with the
Pooled Finance Act”. (62 OS Sec. 891.12)
• Credit may not be claimed for jobs created or capital investments made as a direct result of bond proceeds which are provided in ac-
“Oklahoma Quality Jobs Incentive Leverage Act”
(68 OS Sec. 3651)
cordance with the
pursuant to a second irrevocable election.
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