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Computer Industry Credit - tax ok 2025

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The document outlines the Computer Industry Credit in Oklahoma, which allows qualified business enterprises engaged in data processing and computer-related services to claim a refundable tax credit of 15% on qualified capital expenditures, wages, and training expenses incurred between January 1, 2005, and December 31, 2013. The maximum credit per fiscal year is capped at $350,000, with specific filing instructions provided for claiming the credit either with an income tax return or as a standalone form.

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What is the new market tax credit in Oklahoma?

New Market Tax Credits To spur private investment in low-income urban and rural communities, investors receive a 39% federal tax credit.

Who qualifies for sales tax credit in Oklahoma?

68-5010 sections 1-7: To file for sales tax relief, you must be an Oklahoma resident and physically live in Oklahoma for the entire year. Your total gross household income cannot exceed $20,000 unless one of the following applies: You can claim an exemption for your dependent, or.

How does a New Market tax credit work?

The NMTC Program attracts private capital into low-income communities by permitting individual and corporate investors to receive a tax credit against their federal income tax in exchange for making equity investments in specialized financial intermediaries called Community Development Entities (CDEs).

What is the new Oklahoma tax credit?

The Oklahoma credit is the greater of 20% of the credit for child care expenses or 5% of the child tax credit. A credit equal to 5% of the earned income credit allowed on your federal return. This new credit has been added starting in tax year 2020.

What is the sales tax credit in Oklahoma?

The Sales Tax Relief Credit, sometimes known as the grocery tax credit, is an income tax credit that provides a rebate of $40 per household member to households with incomes at or below the following levels: $50,000 per year for filers who are elderly, have a physical disability, or claim a dependent; or.

What is the tax credit for engineers in Oklahoma?

Aerospace companies hiring engineers in a variety of fields will receive a tax credit equal to five (5) percent of the compensation paid to an engineer until January 1, 2026, or ten (10) percent if the engineer graduated from an Oklahoma college or university (up to $12,500 per employee per year), plus another credit

How does the new tax credit work?

Nonrefundable tax credits reduce your tax liability by the corresponding credit amount. In other words, if you qualify for a $500 nonrefundable credit, your taxes owed are reduced by that same $500. Once you zero out your tax liability, though, you wont get any overage of the unused tax credit back as a refund.

Computer Industry Credit - tax ok 2025

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