Business operators from all sectors and individual taxpayers should be taking time to ensure that any tax credit they have received in the past is still available to them and plan accordingly.

“Many Oklahoma credits available against corporate and individual income taxes are subject to a two-year moratorium from July 1, 2010, through June 30, 2012,” said JC Hobbs, Oklahoma State University Cooperative Extension tax education and farm management specialist.

A number of these tax credits have been around for a long time. Hobbs said many individuals and business operators have found themselves relying on one or more of the credits.

“The Oklahoma Agricultural Producers Credit and Poultry Litter Credit are two that directly affect many of our agricultural producers,” said Bill Burton, OSU Cooperative Extension area agricultural economist. “It really is a good investment to review what may or may not apply to your taxes, both in terms of time spent and, hopefully, your wallet.”

Credits

Burton and Hobbs offer the following list as potential tax credits that individuals and business operators may want to review:

● Credit for Hazardous Waste Control;
● Gas Used in Manufacturing Credit;
● Oklahoma Investment/New Jobs Credit:
● Credit for Energy Assistance Fund Contribution;
● Coal Credit;
● Credit for Employers Providing Child Care Programs;
● Credit for Entities in the Business of Providing Child Care Services;
● Small Business Guaranty Fee Credit;
● Credit for Electricity Generated by Zero-Emission Facilities;
● Credit for Manufacturers of Small Wind Turbines;
● Credit for Food Service Establishments that Pay for Hepatitis A Vaccination for Employees;
● Credit for Qualified Rehabilitation Expenditures:

● Credit for the Construction of Energy Efficient Homes;
● Credit for Modification Expenses Paid for an Injured Employee and Credit for Wages Paid to an Injured Employee;
● Credit for Qualified Recycling Facility;
● Credit for Qualified Ethanol Facilities;
● Credit for Qualified Biodiesel Facilities;
● Oklahoma Local Development and Enterprise Zone Incentive Leverage Act Credit
● Film or Music Project Credit;
● Dry Fire Hydrant Credit;
● Credit for Railroad Modernization;
● Credit for Breeders of Specially Trained Canines;
● Credit for Employers in the Aerospace Sector;
● Credit for Employees in the Aerospace Sector;
● Credit for Financial Institutions Making Loans Under the Rural Economic Development Loan Act;
● Credit for Stafford Loan Origination Fee; and
● Research and Development News Jobs Credit.

“Oklahoma Senate Bill 1267—approved by Gov. Henry this past June—put more than two dozen tax credits on hold,” Burton said. “It was an emergency measure designed to help the state generate income to offset budget shortfalls.”

For more information concerning Oklahoma legislation that affects income tax laws for 2010 and 2011, go to the Oklahoma Tax Commission website at http://www.tax.ok.govand click on “2010 Legislative Update.”