Form 572 Transfer Agreement for Income Tax,rural Electric Cooperatives Tax,or Insurance Premium Tax Credit - Oklahoma

Form 572 is a Oklahoma Tax Commission form also known as the "Transfer Agreement For Income Tax Or Insurance Premium Tax Credit". The latest edition of the form was released in January 1, 2016 and is available for digital filing.

Download a fillable PDF version of the Form 572 down below or find it on Oklahoma Tax Commission Forms website.

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State of Oklahoma
Transfer Agreement for Income Tax,
572
Rural Electric Cooperatives Tax,
or Insurance Premium Tax Credit
Revised 2016
(See a list of transferable credits, the statutory reference and information on the Tax Credit Moratorium on pages 2 and 3)
On this ______ day of __________________, 20_____, the transferor identified below, for good and valuable consid-
eration, hereby sells, conveys and transfers to the transferee, also identified below, $ _________________________ of
certain tax credits, (“credits”) earned under the applicable Oklahoma Statute (OS). The transferred credits were originally
allowed to the transferor in the tax year(s) of ____________________________________ (allowed year[s]). Enter the
tax year(s) for which the credit may be claimed ___________________________________. Enclose a copy of the original
Oklahoma Tax Commission (OTC) acknowledgment of credits issued to the transferor. If the current transferor obtained
the credits by prior transfer, also enclose a copy of the prior transfer agreement.
Credit
Type of Credit __________________________________________________________________
Transferor
Name ________________________________________________________________________
Address ______________________________________________________________________
Federal Employer Identification Number
or Social Security Number
____________________________________________
Transferee
Name ________________________________________________________________________
Address ______________________________________________________________________
Federal Employer Identification Number
or Social Security Number
____________________________________________
The transferor hereby represents that it has neither claimed for its own behalf nor conveyed to any other transferee the
credits transferred by this agreement.
The parties agree that the transferor, on behalf of both parties, shall file a copy of this jointly executed agreement within
30 days of the date of transfer with the OTC. The transferee also agrees that it shall file a copy of this agreement with the
income tax return, rural electric cooperatives tax return or insurance premium tax return on which it claims the transferred
credits or if it subsequently transfers the credits, that it will execute and file a similar agreement.
Effective on the date stated above, the transferor and transferee agree to the transfer of the credits as described above.
Transferor...
Transferee...
By _______________________________
By _______________________________
Company _________________________
Company _________________________
Certificate of Mailing...
A copy of the agreement was filed by first class U. S. Mail on the ______ day of ________________, 20____, with proper
postage thereon fully prepaid to the following:
Oklahoma Tax Commission
Compliance Division: Corporate Income Tax
Attention: Tax Credit Transfer Agreement
P.O. Box 269054, Oklahoma City, OK 73126-9054
Signature
State of Oklahoma
Transfer Agreement for Income Tax,
572
Rural Electric Cooperatives Tax,
or Insurance Premium Tax Credit
Revised 2016
(See a list of transferable credits, the statutory reference and information on the Tax Credit Moratorium on pages 2 and 3)
On this ______ day of __________________, 20_____, the transferor identified below, for good and valuable consid-
eration, hereby sells, conveys and transfers to the transferee, also identified below, $ _________________________ of
certain tax credits, (“credits”) earned under the applicable Oklahoma Statute (OS). The transferred credits were originally
allowed to the transferor in the tax year(s) of ____________________________________ (allowed year[s]). Enter the
tax year(s) for which the credit may be claimed ___________________________________. Enclose a copy of the original
Oklahoma Tax Commission (OTC) acknowledgment of credits issued to the transferor. If the current transferor obtained
the credits by prior transfer, also enclose a copy of the prior transfer agreement.
Credit
Type of Credit __________________________________________________________________
Transferor
Name ________________________________________________________________________
Address ______________________________________________________________________
Federal Employer Identification Number
or Social Security Number
____________________________________________
Transferee
Name ________________________________________________________________________
Address ______________________________________________________________________
Federal Employer Identification Number
or Social Security Number
____________________________________________
The transferor hereby represents that it has neither claimed for its own behalf nor conveyed to any other transferee the
credits transferred by this agreement.
The parties agree that the transferor, on behalf of both parties, shall file a copy of this jointly executed agreement within
30 days of the date of transfer with the OTC. The transferee also agrees that it shall file a copy of this agreement with the
income tax return, rural electric cooperatives tax return or insurance premium tax return on which it claims the transferred
credits or if it subsequently transfers the credits, that it will execute and file a similar agreement.
Effective on the date stated above, the transferor and transferee agree to the transfer of the credits as described above.
Transferor...
Transferee...
By _______________________________
By _______________________________
Company _________________________
Company _________________________
Certificate of Mailing...
A copy of the agreement was filed by first class U. S. Mail on the ______ day of ________________, 20____, with proper
postage thereon fully prepaid to the following:
Oklahoma Tax Commission
Compliance Division: Corporate Income Tax
Attention: Tax Credit Transfer Agreement
P.O. Box 269054, Oklahoma City, OK 73126-9054
Signature
Form 572- Page 2
Transferable Credits for Income Tax,
Rural Electric Cooperatives Tax, or Insurance Premium Tax
Notice
Tax credits transferred or allocated must be reported on OTC Form 569. Failure to file Form 569 will result in the af-
fected credits being denied by the OTC pursuant to 68 OS Sec. 2357.1A-2.
Tax Credit Moratorium
Many Oklahoma credits available against corporate and individual income taxes are subject to a moratorium.
The Coal Credit, the Credit for Manufacturers of Small Wind Turbines, the Credit for the Construction of Energy Ef-
ficient Homes and the Credit for Railroad Modernization are subject to a two-year moratorium from July 1, 2010 through
June 30, 2012. These credits cannot be established during the moratorium.
The Credit for Qualified Rehabilitation Expenditures is also subject to the two-year moratorium from July 1, 2010
through June 30, 2012; however, credits can be established during the moratorium. Any credit established during this
period will accrue and may not be claimed until tax year 2012.
The Credit for Electricity Generated by Zero-Emission Facilities is subject to a one-year moratorium from July 1, 2010
through June 30, 2011. Credits can be established during the moratorium; however, any credits established will accrue
and may not be claimed until tax year 2012.
Note: Credits established before July 1, 2010 are eligible to be transferred under normal transfer provisions.
The following is a list of the credits that are transferable along with the statutory reference.
Coal Credit
(For credits earned prior to January 1, 2014)
68 OS Sec. 2357.11 and Rule 710:50-15-76
For tax years beginning on or after January 1, 1993 and ending on or before December 31, 2021, Section 2357.11(B)
provides for a coal credit, for the purchase of Oklahoma-mined coal, to businesses providing water, heat, light or power
from coal to the citizens of Oklahoma or to those which burn coal to generate heat, light or power for use in manufacturing
operations in Oklahoma. For the period of July 1, 2006 through December 31, 2006 and for tax years beginning on or af-
ter January 1, 2007 and ending on or before December 31, 2021, an additional credit is allowed for Oklahoma-mined coal
purchased. However, the additional credit may not be claimed or transferred prior to January 1, 2008. Section 2357.11(C)
provides, for tax years beginning on or after January 1, 1995 and ending on or before December 31, 2005 and for the pe-
riod of January 1, 2006 through June 30, 2006, an additional credit to those businesses referred to in Section 2357.11(B)
which purchased at least 750,000 tons of Oklahoma-mined coal in the tax year.
For tax years beginning on or after January 1, 2001 and ending on or before December 31, 2021, Section 2357.11(D)
provides for a coal credit to businesses primarily engaged in mining, producing or extracting coal in this state. A valid per-
mit issued by the Oklahoma Department of Mines must be held. Section 2357.11(E) provides, for tax years beginning on
or after January 1, 2001 and ending on or before December 31, 2005 and for the period of January 1, 2006 through June
30, 2006, an additional credit to such businesses that mine, produce or extract coal from thin seams, provided such coal
has not been sold to any consumer who purchases at least 750,000 tons of Oklahoma-mined coal in the tax year. Section
2357.11(F) provides, for the period July 1, 2005 through June 30, 2006, an additional credit to such businesses that mine,
produce or extract coal from thin seams. None of the credits, provided for in this paragraph, will be allowed for coal mined,
produced or extracted in any month in which the average price of coal is $45 (for months through June 30, 2006) or $68
(for months beginning July 1, 2006) or more per ton, excluding freight charges.
Any credit earned prior to January 1, 2014 which was allowed but not used will have a five-year carryover provision
following the year of qualification. The credits allowed pursuant to Sections 2357.11 (B), (C), (D), and (E) are freely trans-
ferable to any taxpayer and at any time, after January 1, 2002 but not later than December 31, 2013, during the five years
following the year of qualification provided the additional credit allowed pursuant to Section 2357.11(B) is freely transfer-
able at any time, after January 1, 2008 but not later than December 31, 2013, during the five years following the year of
qualification. The credit allowed pursuant to Section 2357.11 (F) is freely transferable to any taxpayer and at any time after
July 1, 2006 but not later than December 31, 2013, during the five years following the year of qualification. Enclose, with
the Form 572, a Tax Commission acknowledgment of credits earned. Note: This credit, upon election of the taxpayer, may
be claimed as a payment or prepayment of tax or as an estimated tax payment. If this election is made, the credit should
be claimed on Form 511CR, line 2.
Form 572- Page 3
Transferable Credits for Income Tax,
Rural Electric Cooperatives Tax, or Insurance Premium Tax
(continued)
Credit for Qualified Rehabilitation Expenditures
68 OS Sec. 2357.41 and Rule 710:50-15-108
For tax years beginning after December 31, 2000, a credit is available for qualified rehabilitation expenditures incurred
with any certified historic hotel or historic newspaper plant building located in an increment or incentive district —or— for
qualified rehabilitation expenditures incurred after January 1, 2006 in connection with any certified historic structure. The
credit may be freely transferred at any time during the five years following the year of qualification. On or after January
1, 2009, if this credit which has been transferred is subsequently reduced as the result of an adjustment by the Internal
Revenue Service, OTC, or any other applicable government agency, only the transferor originally allowed the credit and
not any subsequent transferee of the credit, will be held liable to repay any amount of disallowed credit. Any unused credit
may be carried over for a period not to exceed ten years following the qualified expenditures.
Credit for Electricity Generated by Zero-Emission Facilities
(For credits generated prior to January 1, 2014)
68 OS Sec. 2357.32A
For facilities placed in operation on or after January 1, 2003 and before January 1, 2021, a credit is available for the
production and sale of electricity generated by zero-emission facilities located in this state. The sale must be to an unre-
lated person to qualify for this credit. The credit may be claimed during a ten-year period following the date the facility is
placed in operation. Credits generated prior to January 1, 2014 are freely transferable at any time during the ten years
following the year of qualification. For credits generated prior to January 1, 2014, any unused credit may be carried over
for a period not to exceed ten years following the year of qualification.
Credit for Manufacturers of Small Wind Turbines
68 OS Sec. 2357.32B and Rule 710:50-15-92
For tax years beginning on or after January 1, 2003, and ending on or before December 31, 2012, a credit is available
for Oklahoma manufacturers of advanced small wind turbine products, including rotor blade and alternator fabrication.
Any credit allowed may only be claimed on or after July 1 following the calendar year of qualification. The credit is freely
transferable at any time during the ten years following the year of qualification. Any unused credit may be carried over for
a period not to exceed ten years following the year of qualification. NOTE: This credit, upon election of the taxpayer, may
be claimed as a payment or prepayment of tax or as an estimated tax payment on or after July 1 of the calendar year fol-
lowing the year of qualification. If this election is made, the credit should be claimed on Form 511CR.
Credit for the Construction of Energy Efficient Homes
68 OS Sec. 2357.46 and Rule 710:50-15-104
For the time period beginning on or after January 1, 2006, and ending on July 1, 2016, a credit is available for ex-
penses incurred by a contractor in the construction of a qualified Oklahoma energy efficient residential property of 2,000
square feet or less. Credits earned on or after July 1, 2006, may be freely transferred. Any unused credit may be carried
over for a period not to exceed four years following the qualified expenditures.
Credit for Railroad Modernization
68 OS Sec. 2357.104 and Rule 710:50-15-103
For tax years beginning after December 31, 2005, a credit is available for Class II or Class III railroad’s qualified
railroad reconstruction or replacement expenditures. The credit may be freely transferred at any time during the five years
following the year of qualification. Any unused credit may be carried over for a period not to exceed five years following
the year of qualification.

Download Form 572 Transfer Agreement for Income Tax,rural Electric Cooperatives Tax,or Insurance Premium Tax Credit - Oklahoma

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