Okla. Admin. Code § 710:50-15-111

Current through Vol. 42, No. 7, December 16, 2024

Section 710:50-15-111 - Wire transfer fee credit

(a)General provisions: For taxable years ending before January 1, 2017, a credit is allowed against the tax imposed under 68 O.S. § 2355 in the amount of all electronic funds transfers fees paid per 63 O.S. § 2-503.1j by any individual or entity.

(b)When to claim credit: The credit for fees paid between July 1, 2009 and December 31, 2010 cannot be claimed prior to January 1, 2011 and must be claimed on the 2010 income tax return. The credit for fees paid on or after January 1, 2011 must be claimed on the tax return that corresponds with the tax year during which the fees were paid.

(c)Credit non-refundable, nontransferable; carryover provision. This credit may not be taken as a refund; nor may it be transferred. If the credit exceeds a taxpayer's liability, unused credits may be carried over for five (5) succeeding years.

Okla. Admin. Code § 710:50-15-111

Amended by Oklahoma Register, Volume 32, Issue 23, August 17, 2015, eff. 8/27/2015