Form 506 - Oklahoma Investment/new Jobs Credit - 2011 Page 4
Download a blank fillable Form 506 - Oklahoma Investment/new Jobs Credit - 2011 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 506 - Oklahoma Investment/new Jobs Credit - 2011 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.
ADVERTISEMENT
1
2
3
4Investment/New Jobs Credit Instructions
2011 Form 506 - Page 4
68 OS Sec. 2357.4 and Rule 710:50-15-74
Allowable Credit - Carryover **
Column 9: The credit is allowed for the greater of New Jobs Credit or Investment Credit, but not both. Enter the greater
amount from Column 4 or Column 7. Once the type of allowable credit is determined in the first year, that type
of credit will be used in all remaining tax years on that particular Form 506.
Column 10: Enter the amount of credit used this tax year.
Column 11: Enter the amount of credit not used this tax year. Any credit claimed and not used in any taxable year may be
carried over, in order, to each of the four years following the year of qualification and to the extent not used in
those years, in order, to each of the fifteen years following the initial five-year period. To the extent not used,
any credit from qualified depreciable property may be utilized in subsequent tax years after the initial twenty-
year period. Enclose schedule showing all carryover credits by tax year claimed and used.
** If a C corporation that otherwise qualified for the credits under subsection A of 68 OS Sec. 2357.4 subsequently changes
its operating status to that of a pass-through entity which is being treated as the same entity for federal tax purposes, the
credits will continue to be available as if the pass-through entity had originally qualified for the credits subject to the limitations
of such Section. The pass-through entity shall provide, to each member, documentation showing their share of the credit.
Such documentation must be enclosed with the member’s income tax return when their share of the credit is being claimed.
Notices:
• If the business entity manufactures any product described in Division D of Part I of the Standard Industrial Classification
Manual, latest revision, they may be entitled to double their Investment/New Jobs Credit. To qualify for the double credit the
total cost of qualified depreciable property used in the manufacture of such product must be at least $40 million dollars and
be placed in service in this state within 3 years from the date of the initial qualifying expenditure. The credit for each new
employee in Column 4 will be $1,000 and the rate for qualified depreciable property in column 6 will be 2%. Enter the amount
of doubled credit in Column 4 and/or Column 7 and note the reason for the double credit.
• Effective July 1, 2011:
Tax credits transferred or allocated must be reported on Oklahoma Tax Commission Form 569. Failure to file Form 569 will
result in the affected credits being denied by the Oklahoma Tax Commission pursuant to 68 OS Sec. 2357.1A-2.
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial