518-C: 2024 Form 518-C Report on Sale of Venture Capital Tax Credit (2024)
Oklahoma · Oklahoma Tax Commission · Used for tax years 2024
Oklahoma Form 518-C reports the sale of venture capital tax credits. It records the transferor, venture capital company, year the credit was earned, total credit transferred, and each buyer’s name, identifying number, date of sale, and amount purchased.
Who files this form
The original investor must submit Form 518-C to the Oklahoma Tax Commission when a venture capital tax credit is sold. The form reports the credit transferred and identifies the buyers.
When it's due
For the tax year 2024 form:
- The original investor must submit the form by January 15th following the date the venture capital tax credit is sold.
- The credit must be transferred in the year for which it will be used. A credit transferred after December 31st cannot be used for the prior year’s tax.
What you'll need
Have the following information ready:
- Beginning and ending dates of the reporting year.
- Total amount of credit transferred and the year the credit was earned.
- Transferor’s name, Social Security or FEI number, and address.
- Name of the venture capital company.
- Each buyer’s name, Social Security or FEI number, date of sale, and amount of credit sold.
The form includes a transferor signature and a notary section. Attach additional schedules if necessary.
How to file
Complete the reporting-year fields, transferor information, credit totals, and buyer details. Complete the transferor signature and notary section, and attach additional schedules if necessary.
The original investor must submit the form to the Oklahoma Tax Commission. The address printed on the form is:
Oklahoma Tax Commission
Oklahoma City, Oklahoma 73194
The supplied text does not provide e-filing instructions.
Common mistakes
- Missing the reporting deadline: The original investor must submit the form by January 15th following the date the credit is sold.
- Using a late transfer for the prior year’s tax: A credit transferred after December 31st cannot be used for the prior year’s tax.
- Leaving out additional schedules when needed: The form says to attach additional schedules if necessary.
Questions people ask
Who is responsible for submitting Form 518-C?
The original investor must submit it to the Oklahoma Tax Commission.
What information must I provide about each buyer?
Provide the buyer’s name, Social Security or FEI number, date of sale, and amount of credit sold.
Can a credit transferred after December 31st be used for the prior year’s tax?
No. The form states that the credit must be transferred in the year for which it will be used.
What if I need more space?
Attach additional schedules if necessary.