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...

• Credit for Railroad Modernization

Title 68 O.S. Section 2357.104

• Credit for Tourism Development

and Rule 710:50-15-103.

Title 68 O.S. Section 2357.34 - 2357.40.

• Research and Development New Jobs Credit

• Oklahoma Local Development and Enterprise Zone

Enclose Form 563.

Incentive Leverage Act Credit

Title 68 O.S. Section 54006

Title 68 O.S. Section 2357.81.

and Rule 710:50-15-105.

• Credit for Qualified Rehabilitation Expenditures

Title 68 O.S. Section 2357.41.

Line 11 - Oklahoma Withholding

• Credit for Space Transportation Vehicle Provider

Enter the portion of Oklahoma withholding that is

Title 68 O.S. Section 2357.42

passing through the S corporation to those non-

and Rule 710:50-15-93.

resident shareholders who did not file a nonresi-

• Rural Small Business Capital Credit

dent shareholder agreement (Form 512-SA). The

Enclose Form 526-A.

shareholder's portion of such withholding is shown

Title 68 O.S. Section 2357.71 - 2357.76

on Page 4, Part 5, Column 9. Enclose the Form

and Rule 710:50-15-87.

1099-MISC, Form 500-A, Form K-1 or other with-

• Credit for Electricity Generated by Zero-Emission

Facilities

holding statement received by the S corporation to

Title 68 O.S. Section 2357.32A.

substantiate the Oklahoma withholding.

• Credit for Financial Institutions Making Loans under

the Rural Economic Development Loan Act

Enter the Oklahoma income tax withheld from

Title 68 O.S. Section 2370.1.

Oklahoma distributions made to your nonresident

• Credit for Manufacturers of Small Wind Turbines

shareholders who did not file a nonresident share-

Title 68 O.S. Section 2357.32B

holder agreement (Form 512-SA). The share-

and Rule 710:50-15-92.

holder's withholding is shown on the Form

• Credit for Qualified Ethanol Facilities

500-B. Enclose a copy of the Form 500-B for each

Title 68 O.S. Section 2357.66

such nonresident shareholder.

and Rule 710:50-15-106.

• Poultry Litter Credit

Note: Do not include the portion of the S corporation's

Title 68 O.S. Section 2357.100

withholding passing through to resident shareholders or

and Rule 710:50-15-95.

to those nonresident shareholders who filed a nonresi-

• Volunteer Firefighter Credit

dent shareholder agreement (Form 512-SA).

Enclose the Oklahoma State Firefighter

Association’s form, Form 1A or Form 1B.

Line 15 - Donations from Your Refund

Title 68 O.S. Section 2385.7

You have the opportunity to make a financial gift

and Rule 710:50-15-94.

from your refund to a variety of Oklahoma organi-

• Credit for Qualified Biodiesel Facilities

zations. Enter the amount of your donation and

Title 68 O.S. Section 2357.67

place the number of the organization shown on

and Rule 710:50-15-98.

pages 12-14 in the oval on line 15 of Form 512-S.

• Film or Music Project Credit

If you give to more than one organization, put a

Enclose Form 562.

Title 68 O.S. Section 2357.101

"99" in the oval and attach a schedule showing

and Rule 710:50-15-101.

how you would like your donation split.

• Credit for Breeders of Specially Trained Canines

Title 68 O.S. Section 2357.203

and Rule 710:50-15-97.

• Credit for Wages Paid to an Injured Employee

Need a form or have

Title 68 O.S. Section 2357.47

a tax question

and Rule 710:50-15-107.

• Credit for Modification Expenses Paid for an Injured

after hours?

Employee

No problem.

Title 68 O.S. Section 2357.47

and Rule 710:50-15-107.

• Dry Fire Hydrant Credit

Title 68 O.S. Section 2357.102

Visit our website at

and Rule 710:50-15-99.

• Credit for the Construction of Energy Efficient Homes

Title 68 O.S. Section 2357.46

for all your tax needs 24 hours a

and Rule 710:50-15-104.

day, seven days a week.

Form 512-S And Form 512-Sa - Oklahoma Small Business Corporation Income Tax - 2006 Page 11

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