Okla. Stat. tit. 68, § 68-2357.1A-2: Transfer or allocation of tax credits - Reporting

A. Notwithstanding any other provision of law, the transfer or

allocation of any tax credit authorized pursuant to the provisions

of this title, except as provided in this section, shall be reported

to the Oklahoma Tax Commission and any tax credit authorized

pursuant to the provisions of Title 36 of the Oklahoma Statutes

shall be reported to the Oklahoma Insurance Department as provided

in subsection B of this section.

B. The transfer or allocation of any tax credit shall be

reported to the Tax Commission or Insurance Department by the entity

transferring or allocating the credit on or before the twentieth day

of the second month after the tax year in which an act occurs which

allows the tax credit to eventually be claimed. If the credit is

transferable, the report shall state whether the credit will or may

be transferred to another taxpayer and the names of the taxpayers to

whom the credit is transferred. The report shall also provide

whether the credit will or may be allocated by a pass-through entity

to one or more of the shareholders, partners or members of the pass-

through entity and the identity of the shareholders, partners or

members of the pass-through entity to whom the credit was allocated.

Further, the report shall include the tax type, the amount of the

credit, the statutory or other legal authority which forms the basis

for the credit, and other information that may be required by the

Tax Commission or the Insurance Department. The report to the Tax

Commission or to the Insurance Department shall be on such form as

the Commission or Department may prescribe. The Tax Commission and

the Insurance Department shall be authorized to require the report

to be filed electronically.

C. Notwithstanding the provisions of Section 205 of Title 68 of

the Oklahoma Statutes the Tax Commission and the Insurance

Department shall compile a list of all tax credits reported as

required by this section and shall provide the list to the Governor,

the Speaker of the Oklahoma House of Representatives, the President

Pro Tempore of the State Senate and the Director of the Office of

Management and Enterprise Services not later than June 1 of each

year. Not later than five (5) working days after the report has

been provided to the Governor, the Speaker of the Oklahoma House of

Representatives and the President Pro Tempore of the State Senate,

the Oklahoma Tax Commission shall publish the report on its website.

D. The compiled list shall identify the tax credits reported

pursuant to subsection A of this section and shall separately

identify the amount of tax credits that may be claimed against each

separate state tax under the jurisdiction of the administering

agency and the name of the entity that will be claiming the credit.

E. To the extent possible, the Tax Commission and the Insurance

Department shall make an estimate of the revenue impact to the State

of Oklahoma resulting from the credits reported on a separate fiscal

year by fiscal year basis. Each agency shall make its estimate only

for tax credits under the jurisdiction of each administering agency.

F. If a taxpayer claims a credit on any state tax return that

was not previously reported to the Tax Commission or Insurance

Department pursuant to this section, the Tax Commission or Insurance

Department shall disallow the credit and recompute the applicable

tax liability including any penalty or interest; provided, upon the

filing of the report required by this section, the credit shall be

allowed.

G. This section shall not be applicable to the following tax

credits:

1. The sales tax relief credit authorized by Section 5011 of

this title;

2. The low income property tax relief credit authorized by

Section 2907 of this title;

3. The earned income tax credit authorized by Section 2357.43

of this title;

4. The child care/child tax credit authorized by Section 2357

dit shall be

allowed.

G. This section shall not be applicable to the following tax

credits:

1. The sales tax relief credit authorized by Section 5011 of

this title;

2. The low income property tax relief credit authorized by

Section 2907 of this title;

3. The earned income tax credit authorized by Section 2357.43

of this title;

4. The child care/child tax credit authorized by Section 2357

of this title;

5. The credit for taxes paid to another state authorized by

Section 2357 of this title; and

6. The credit for property taxes paid on tornado damaged

residential property authorized by Section 2357.29 of this title.