Instructions For Form 512 - Oklahoma Corporation Income Tax

What’s New in the 2006 Oklahoma Packet?

• You may be able to deduct your Oklahoma

• There are two new refundable credits available:

Aerospace Industry Credit (Form 581) and

capital gain; see the instructions on page 6.

Computer Industry Credit (Form 580). See page 5

• There are seven new credits available to

for more information.

taxpayers on Form 511CR: Credit for Breeders of

• An employer who uses the Safety Pays OSHA

Specially Trained Canines, Credit for Wages Paid

to an Injured Employee, Credit for Modification

Consulting Service may be entitled to an

exemption. See the instructions on page 5.

Expenses Paid for an Injured Employee, Dry Fire

Hydrant Credit, Credit for the Construction of

Energy Efficient Homes, Credit for Railroad

• There are two new deductions for owners of

Modernization and Research and Development

Oklahoma refineries. See the instructions on pages

5 and 6.

New Jobs Credit. See page 10 for information on

how to obtain the Form 511CR.

General Filing Information

Common Errors

Liability for Filing Your Return...

Below are the most common errors on last year’s

Every resident or foreign corporation subject

returns. To aid in processing your return, please

to taxation under Oklahoma statutes shall

double check your return carefully.

make a return, whether or not it shall have any

net income.

• Check your FEIN on all forms and schedules.

NOTE: Small Business Corporations (Sub-

• Fiscal year dates are a common problem.

chapter S) must use Form 512-S.

If you file based on a fiscal year, please list dates

on top of form where indicated.

Time and Place for Filing...

• Enclose a complete copy of your Federal return.

The return must be filed on or before the 15th

day of the third month following the close of

• Enclose all required schedules.

the taxable year with the Oklahoma Tax Com-

mission, PO Box 26800, Oklahoma City, Okla-

Table of Contents

homa 73126-0800. A valid extension of time in

which to file your Federal return automatically

General Filing Information ..............................2

extends the due date of your Oklahoma return

if no Oklahoma liability is owed. A copy of the

Estimated Income Tax Information .................3

Federal extension must be enclosed with your

Amended Returns ..........................................4

Oklahoma return. If your Federal return is not

extended, or an Oklahoma liability is owed, an

Credit Card Payments ....................................4

extension of time to file your Oklahoma return

Line by Line Instructions .......................... 5-15

may be granted on Form 504. The Form 504

must be filed on or before the due date of the

General Instructions for Determining

return.

Oklahoma Taxable Income ......................... 5-7

90% of the tax liability must be paid with the

QuickTax Information .....................................7

extension to avoid delinquent penalty for late

Schedule A Instructions .............................. 8-9

payment. 100% of tax liability must be paid

with the extension to avoid delinquent interest

Electronic Check Information .........................9

for late payment.

Schedule B Instructions ........................... 9-10

In the case of complete liquidation or the

dissolution of a corporation, the return shall be

Page One of Form 512 Instructions ....... 10-15

made on or before the 15th day of the fourth

When You Are Finished ................................15

month following the month in which the corpo-

ration is completely liquidated (or federal due

How to Contact the OTC ..............................16

date).

Instructions For Form 512 - Oklahoma Corporation Income Tax - 2006 Page 2

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