{"data":{"id":"us-ok/okla.-stat.-tit.-68-68-2357.1a-2","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 68, § 68-2357.1A-2","heading":"Transfer or allocation of tax credits - Reporting","body":"A. Notwithstanding any other provision of law, the transfer or\n\nallocation of any tax credit authorized pursuant to the provisions\n\nof this title, except as provided in this section, shall be reported\n\nto the Oklahoma Tax Commission and any tax credit authorized\n\npursuant to the provisions of Title 36 of the Oklahoma Statutes\n\nshall be reported to the Oklahoma Insurance Department as provided\n\nin subsection B of this section.\n\nB. The transfer or allocation of any tax credit shall be\n\nreported to the Tax Commission or Insurance Department by the entity\n\ntransferring or allocating the credit on or before the twentieth day\n\nof the second month after the tax year in which an act occurs which\n\nallows the tax credit to eventually be claimed. If the credit is\n\ntransferable, the report shall state whether the credit will or may\n\nbe transferred to another taxpayer and the names of the taxpayers to\n\nwhom the credit is transferred. The report shall also provide\n\nwhether the credit will or may be allocated by a pass-through entity\n\nto one or more of the shareholders, partners or members of the pass-\n\nthrough entity and the identity of the shareholders, partners or\n\nmembers of the pass-through entity to whom the credit was allocated.\n\nFurther, the report shall include the tax type, the amount of the\n\ncredit, the statutory or other legal authority which forms the basis\n\nfor the credit, and other information that may be required by the\n\nTax Commission or the Insurance Department. The report to the Tax\n\nCommission or to the Insurance Department shall be on such form as\n\nthe Commission or Department may prescribe. The Tax Commission and\n\nthe Insurance Department shall be authorized to require the report\n\nto be filed electronically.\n\nC. Notwithstanding the provisions of Section 205 of Title 68 of\n\nthe Oklahoma Statutes the Tax Commission and the Insurance\n\nDepartment shall compile a list of all tax credits reported as\n\nrequired by this section and shall provide the list to the Governor,\n\nthe Speaker of the Oklahoma House of Representatives, the President\n\nPro Tempore of the State Senate and the Director of the Office of\n\nManagement and Enterprise Services not later than June 1 of each\n\nyear. Not later than five (5) working days after the report has\n\nbeen provided to the Governor, the Speaker of the Oklahoma House of\n\nRepresentatives and the President Pro Tempore of the State Senate,\n\nthe Oklahoma Tax Commission shall publish the report on its website.\n\nD. The compiled list shall identify the tax credits reported\n\npursuant to subsection A of this section and shall separately\n\nidentify the amount of tax credits that may be claimed against each\n\nseparate state tax under the jurisdiction of the administering\n\nagency and the name of the entity that will be claiming the credit.\n\nE. To the extent possible, the Tax Commission and the Insurance\n\nDepartment shall make an estimate of the revenue impact to the State\n\nof Oklahoma resulting from the credits reported on a separate fiscal\n\nyear by fiscal year basis. Each agency shall make its estimate only\n\nfor tax credits under the jurisdiction of each administering agency.\n\nF. If a taxpayer claims a credit on any state tax return that\n\nwas not previously reported to the Tax Commission or Insurance\n\nDepartment pursuant to this section, the Tax Commission or Insurance\n\nDepartment shall disallow the credit and recompute the applicable\n\ntax liability including any penalty or interest; provided, upon the\n\nfiling of the report required by this section, the credit shall be\n\nallowed.\n\nG. This section shall not be applicable to the following tax\n\ncredits:\n\n1. The sales tax relief credit authorized by Section 5011 of\n\nthis title;\n\n2. The low income property tax relief credit authorized by\n\nSection 2907 of this title;\n\n3. The earned income tax credit authorized by Section 2357.43\n\nof this title;\n\n4. The child care/child tax credit authorized by Section 2357\ndit shall be\n\nallowed.\n\nG. This section shall not be applicable to the following tax\n\ncredits:\n\n1. The sales tax relief credit authorized by Section 5011 of\n\nthis title;\n\n2. The low income property tax relief credit authorized by\n\nSection 2907 of this title;\n\n3. The earned income tax credit authorized by Section 2357.43\n\nof this title;\n\n4. The child care/child tax credit authorized by Section 2357\n\nof this title;\n\n5. The credit for taxes paid to another state authorized by\n\nSection 2357 of this title; and\n\n6. The credit for property taxes paid on tornado damaged\n\nresidential property authorized by Section 2357.29 of this title.","path":["OK Code","Title 68"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os68.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"ae542b24a985a310a53e28442870e8b84cf1825381823bbcad1a640cb2e50e8e","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-68-68-2357.1a-1","next":"us-ok/okla.-stat.-tit.-68-68-2357.20"},"notice":"GroundRules: Original legal text. Not legal advice."}