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Form 529 Fillable Small Business Guarantee Fee Credit (you will also need Form 511CR)
(all forms fillable on Windows, Mac, Android tablets, and iPad using Adobe Reader XI)
Unused carryover credit: A Small Business Guaranty Fee Credit that was established in a prior year (: Corp) Unchecked (: Fiduciary) Unchecked (: Partnership) Unchecked (: S Corp) Unchecked (: Sole Prop) Unchecked (if different from above) (text) (text) (text) (text) (text) (text) (text) 1 Loan guaranty fee paid during tax year 2014 which iseligible for the credit and unused carryover from taxyear(s): 2 Net income from the small business or Oklahoma 2014 Form 529 page 2 3 Oklahoma adjusted gross income for individuals 4 Percentage (line 2 line 3) (cannot exceed 100%) 5 Tax per return 529FORM2 569 will result in the affected credits being denied by the OTC pursuant to 68 OS Sec 2357 1A 2 6 Credit limitation (line 5 X line 4) 68 Oklahoma Statutes (OS) Sec 2357 30 68 OS Sec 2370 1 7 Credit allowed this year enter the smaller A bank or credit union making a Federal Subchapter S election is not subject to the in lieu tax and therefore not eligible A Small Business Guaranty Fee Credit that was established by a small business in a prior year but not used due to the allowed on line 7 the difference may be carried over for a period not to exceed 5 years from the date association and credit union organized under the laws of this state for the amount of the guaranty fee paid by the banking association or credit union to the United States Small Business Administration (SBA) pursuant to the 7(a) loan guaranty ax Commission is not required to give actual notice to taxpayer of changes in any state tax lawComputation Before you begin read the information on Page 2 carefully borrower business For each small business include the amount of guaranty fee paid and the date paid but not used due to the limitations provided may be carried over Enter amount of the unused carry Corporation Credit Available for Banks and Credit Unions Credit Available for Small Business Federal Employer Identification Number FEIN of Small Business Fiduciary for this credit If the credit exceeds the amount of income taxes due or if there are no state income taxes due on the income of the taxpayer Important: Enclose the first page of the Authorization received from SBA or some other proof of the guaranty fee Instructions limitations provided may be carried over The unused credit may be carried over for a period not to exceed five years Line 1: Banks or credit unions paying loan guaranty fee(s) during tax year 2014: Enter the guaranty fee(s) Line 7: This is the amount of the credit allowed this year If the credit available on line 1 exceeds the amount Lines 2 6: These lines are used to determine the credit limitation Name as shown on return Name of Small Business (if different from above) No credit may be claimed pursuant to this section if pursuant to the agreement between the banking association or creditunion and the entity to which proceeds are made available the banking association or credit union adds the amount of the Note:not applicable for banks or credit unions Note:not applicablefor banks or credit unions Notice of income generated by the small business as compared to the total Oklahoma adjusted gross income for individuals of line 1 or line 6 (carry to Form 511CR) or Oklahoma taxable income for corporations and fiduciaries or Oklahoma taxable income for corporationsand fiduciaries over and the tax year(s) originally established Enclose a copy of the Form 529 for the year the credit paid during the tax year Attach a separate schedule showing the name FEIN and type of each small Partnership period not to exceed five years program S Corporation SBA 7(a) loan guaranty fee to the amount financed by the borrower or in any other way recovers the guaranty fee from the Small Business Guaranty Fee Credit Social Security Number Sole Proprietorship State of Oklahoma Tax credits transferred or allocated must be reported on Oklahoma Tax Commission (OTC) Form 569 Failure to file Form tax return upon which this credit is claimed includes taxable income from sources other than the small business thecredit shall only be allowed to be claimed upon a percentage of the income tax liability which does not exceed the percentage taxable income for banks and credit unions the amount of the credit not used may be carried forward as a credit against subsequent income tax liability for a The credit shall only be claimed against the tax liability resulting from income generated by the small business If an income the credit was established You will need to complete a Form 529 for the carryover year(s) The Oklahoma T There shall be a credit against the tax imposed by 68 OS Sec 2370 for any state banking association national banking Type of Small Business(check one) was originally established and for all subsequent years