Form 512-S And Form 512-Sa - Oklahoma Small Business Corporation Income Tax

Line by Line Instructions for Determining Oklahoma Net Distributable Income

Part 1, continued...

Line 6 - Other Credits

Oklahoma Credits...

The amount of other credits claimed on Form

511CR should be entered on this line. Enter in the

Enclose a copy of the credit form or schedule.

box the number that corresponds with the credit to

Complete the schedule showing each share-

which the taxpayer is entitled. If you are entitled to

holder's pro rata share of credit. For each credit,

more than one credit, enter “99” in the box. See

enter that portion attributable to the nonresident

the following for a list of credits available on Form

shareholders who do not file a nonresident share-

511CR. Enclose Form 511CR and any applicable

holder agreement (Form 512-SA).

forms or schedules. This form can be obtained by

calling our forms request line at (405) 521-3108 or

Line 3 - Oklahoma Investment/New Jobs Credit

from our website at

Those engaged in manufacturing or that are a web

search portal (including partnership or Sub-S pass

• Oklahoma Investment/New Jobs Credit

through) who are entitled to Oklahoma Investment/

Enclose Form 506.

New Jobs Credit enclose Form 506. (This credit

Title 68 O.S. Section 2357.4

has no relationship to Federal Investment Credit.)

and Rule 710:50-15-74.

• Coal Credit

Title 68 O.S. Section 2357.4 and Rule 710:50-15-

Title 68 O.S. Section 2357.11

74.

and Rule 710:50-15-76.

• Credit for Energy Assistance Fund Contribution

Line 4 - Gas Used in Manufacturing Credit

Title 68 O.S. Section 2357.6.

A credit is available at the rate of three mills per

• Venture Capital Credit

thousand cubic feet of gas used or consumed

Title 68 O.S. Section 2357.7,8

during each taxable year when used in manufactur-

and Rule 710:50-15-77,78.

ing. This shall not apply to the first twenty-five

• Credit for Conversion of a Motor Vehicle to Clean

thousand MCF used or consumed. Title 68 O.S.

Burning Fuels or for Investment in Qualified Electric

Section 2357 (C).

Motor Vehicle Property

Title 68 O.S. Section 2357.22

and Rule 710:50-15-81.

Line 5 - Credit for Biomedical Research Contribution

• Credit for Hazardous Waste Disposal

A credit is allowed to any taxpayer who makes a

Title 27A O.S. Section 2-11-303

donation to a qualified independent biomedical

and Rule 710:50-15-75.

research institute. The credit is 50% of the amount

• Credit for Qualified Recycling Facility

donated, but may not exceed $1,000. Any credit

Title 68 O.S. Section 2357.59

allowed, but not used, will have a four year

and Rule 710:50-15-84.

carryover provision. An “independent biomedical

• Small Business Capital Credit

research institute” means an organization which is

Enclose Form 527-A.

exempt from taxation under the Internal Revenue

Title 68 O.S. Section 2357.60 - 2357.65

Code section 501(c)(3) whose primary focus is

and Rule 710:50-15-86.

conducting peer-reviewed basic biomedical re-

• Oklahoma Agricultural Producers Credit

Enclose Form 520.

search. The organization shall have a board of

Title 68 O.S. Section 2357.25

directors, be able to accept grants in its own name,

and Rule 710:50-15-85.

be an identifiable institute that has its own employ-

• Small Business Guaranty Fee Credit

ees and administrative staff, and receive at least

Enclose Form 529.

$15 million in National Institute of Health funding

Title 68 O.S. Section 2357.30.

each year. A copy of the canceled check or receipt

• Credit for Employers Providing Child Care Programs

must be provided as proof of the donation. Title 68

Title 68 O.S. Section 2357.26

O.S. Section 2357.45.

and Rule 710:50-15-91.

• Credit for Entities in the Business of Providing

Child Care Services

Title 68 O.S. Section 2357.27.

Tax Tips:

• Credit for Food Service Establishments that Pay for

Hepatitis A Vaccination for their Employees

Check your calculations carefully.

Title 68 O.S. Section 2357.33.

• Credit for Commercial Space Industries

Don’t forget to sign your tax return.

Title 68 O.S. Section 2357.13.

• Credit for Nonstop Air Service from Oklahoma to the

Always copy your return for your records.

Coast

Title 68 O.S. Section 2357.28.

Form 512-S And Form 512-Sa - Oklahoma Small Business Corporation Income Tax - 2006 Page 10

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