518-B: 2024 Form 518-B Report of Transfer of Venture Capital Credits (2024)
Oklahoma · Oklahoma Tax Commission · Used for tax years 2024
Oklahoma Form 518-B reports a transfer of venture capital credits. It identifies the transferor and transferee and records the investment date, credits transferred, credits used, and unused balance.
Who files this form
Form 518-B reports a transfer of venture capital credits. It includes information about the transferor, who transfers the credits, and the transferee, who receives them.
The transferee must attach a copy of this report to their income tax return.
What you'll need
Have the following information ready to complete the report:
- The year ended covered by the report.
- The transferor’s and transferee’s names, Social Security or identification numbers, and addresses.
- The amount of credits transferred, the amount used, and the unused balance.
- The date of investment.
- The name of the venture capital company.
The transferee needs a copy of the completed report to attach to their income tax return.
How to file
Complete the transferor and transferee information, credit amounts, investment date, and venture capital company name. Complete the signature fields and notary public affidavit.
The transferee must attach a copy of the report to their income tax return.
The form lists this address for the Oklahoma Tax Commission:
Oklahoma Tax Commission
Oklahoma City, Oklahoma 73194
The supplied text does not provide separate mailing or e-filing instructions.
Common mistakes
- Forgetting the attachment: The transferee must attach a copy of this report to their income tax return.
- Overlooking the carryforward limit: Credits not used in the year invested may be carried forward for a maximum of three years from the investment date.
- Signing without checking the report: The declaration states, under penalties of perjury, that the report has been examined and is true, correct, and complete to the signer’s best knowledge and belief.
Questions people ask
Does the recipient of the credits need to attach this report to a tax return?
Yes. The transferee must attach a copy to their income tax return.
Can unused credits be carried forward?
Credits not used in the year invested may be carried forward for a maximum of three years from the date of investment.
Does the report include a notarization requirement?
The form includes a notary public affidavit stating that it was signed and subscribed before a notary, with fields for the state and the notary’s commission expiration.
Will the Oklahoma Tax Commission notify me about changes in state law?
The form states that the Oklahoma Tax Commission is not required to give taxpayers actual notice of changes in any state law.