Oklahoma Corporation Income Tax Forms And Instructions Booklet

Line by Line Instructions

Page One, continued

Line 3 - Other Credits (continued)

Line 7 - Oklahoma Withholding

• Credit for Manufacturers of Small Wind Turbines

1. Enter the Oklahoma income tax withheld from your

68 OS Sec. 2357.32B and Rule 710:50-15-92.

royalty payments.

• Credit for Qualified Ethanol Facilities

2. Oklahoma income tax is withheld from distributions

68 OS Sec. 2357.66 and Rule 710:50-15-106.

made by pass-through entities to nonresident mem-

bers, unless such nonresident member has filed a

• Poultry Litter Credit

withholding exemption affidavit (Form OW-15). If you

68 OS Sec. 2357.100 and Rule 710:50-15-95.

are a nonresident member of a pass-through entity

• Credit for Qualified Biodiesel Facilities

who has not filed an affidavit, Oklahoma income tax

68 OS Sec. 2357.67 and Rule 710:50-15-98.

should have been withheld on distributions of Okla-

homa taxable income. Enter the Oklahoma income

• Film or Music Project Credit

tax withheld on your distribution.

Enclose Form 562.

68 OS Sec. 2357.101 and Rule 710:50-15-101.

Enclose the Form 500-A, Form 1099-MISC, Form 500-B,

• Credit for Breeders of Specially Trained Canines

Form K-1 or other documentation to substantiate Okla-

68 OS Sec. 2357.203 and Rule 710:50-15-97.

homa withholding.

• Credit for Wages Paid to an Injured Employee

Line 8 - Refundable Credits

68 OS Sec. 2357.47 and Rule 710:50-15-107.

Place an “X” in the box(es) on line 8 to report any credit

from Form 577 or Form 578.

• Credit for Modification Expenses Paid for an Injured Employee

68 OS Sec. 2357.47 and Rule 710:50-15-107.

If claiming the Refundable Coal Credit, enclose Form

577. Credits earned, but not used, based upon activity

• Dry Fire Hydrant Credit

occurring on or after January 1, 2014 will be refunded at

68 OS Sec. 2357.102 and Rule 710:50-15-99.

85% of the face amount of the credits. A pass-through

• Credit for the Construction of Energy Efficient Homes

entity that does not file a claim for a direct refund will

68 OS Sec. 2357.46 and Rule 710:50-15-104.

allocate the credit to one or more of its shareholders,

partners or members.

• Credit for Railroad Modernization

68 OS Sec. 2357.104 and Rule 710:50-15-103.

If claiming the Refundable Credit for Electricity Gen-

• Research and Development New Jobs Credit

erated by Zero-Emission Facilities, enclose Form 578.

Credits generated, but not used, on or after January 1,

Enclose Form 563.

68 OS Sec. 54006 and Rule 710:50-15-105.

2014 will be refunded to the taxpayer at 85% of the face

amount of the credits. A pass-through entity that does

• Credit for Stafford Loan Origination Fee

not file a claim for a direct refund will allocate the credit

(available for banks and credit unions)

to one or more of its shareholders, partners or members.

68 OS Sec. 2370.3.

• Credit for Biomedical Research Contribution

Line 14 - Donations

You have the opportunity to make a financial gift from

68 OS Sec. 2357.45 and Rule 710:50-15-113.

your refund to a variety of Oklahoma organizations. Enter

• Credit for Employers in the Aerospace Sector

the amount of your donation and place the line number of

Enclose Form 565.

the organization in the box on line 14 of Form 512. If you

68 OS Sec. 2357.301, 2357.302 and 2357.303 and Rule

give to more than one organization, put a “99” in the box

710:50-15-109.

and attach a schedule showing how you would like your

• Wire Transfer Fee Credit

donation split.

(continued on page 10)

68 OS Sec. 2357.401 and Rule 710:50-15-111.

Electronic Checks

• Credit for Manufacturers of Electric Vehicles

68 OS Sec. 2357.402 and Rule 710:50-15-112.

Now Accepted

• Credit for Cancer Research Contribution

Through Website

68 OS Sec. 2357.45 and Rule 710:50-15-113.

• Oklahoma Capital Investment Board Tax Credit

Paper checks are not your only option when paying your

74 OS Sec. 5085.7.

balance due. You may pay electronically from your check-

• Credit for Contributions to a Scholarship-Granting

ing account through our website.

Organization

Log on to and visit the “Online Servic-

68 OS Sec. 2357.206 and Rule 710:50-15-114.

es” link to view all your payment options.

• Credit for Contributions to an Educational Improvement

Other tax types are also accepted through this payment

Grant Organization

system, including estimated tax payments.

68 OS Sec. 2357.206 and Rule 710:50-15-115.

Oklahoma Corporation Income Tax Forms And Instructions Booklet - 2014 Page 9

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