528: 2024 Form 528 Information Return Agriculture Exclusion (2024)
Oklahoma · Oklahoma Tax Commission · Used for tax years 2024
Oklahoma Form 528 is an information return for owners investing in a new or expanded agricultural commodity processing facility. It reports the amount invested, qualifying property placed in service during 2024, and details about the facility’s location, commodities and activitie
Who files this form
Owners who intend to claim the exclusion for an investment in a new or expanded Oklahoma agricultural processing facility under 68 OS Sec. 2358 must file this information return.
The return reports the amount of qualified property placed in service during the preceding calendar year. The 2024 form asks for qualifying property placed in service during tax year 2024.
When it's due
For tax year 2024, Form 528 must be filed by January 31, 2025.
What you'll need
The form asks for the following information:
- Owner’s name, address, and Social Security number or Federal Employer Identification Number.
- Agricultural processing facility’s name and Federal Employer Identification Number.
- Facility location or locations.
- Types of agricultural commodities being produced, processed, or marketed, plus a detailed description of the activity.
- Total amount of qualifying property placed in service during tax year 2024.
The form does not list specific supporting documents to attach.
How to file
Complete the owner, facility, activity, and investment information, along with the Investor and Date fields. The form includes a declaration under penalties of perjury that the return and any accompanying statements are true, accurate, and correct to the best of your knowledge and belief.
Mail the return to:
Oklahoma Tax Commission
Oklahoma City, OK 73194
Common mistakes
- Missing the filing deadline: The tax year 2024 information return must be filed by January 31, 2025.
- Expecting personal notice of tax law changes: The form warns that the Oklahoma Tax Commission is not required to give taxpayers actual notice of changes in state tax law.
Questions people ask
What investment amount does the 2024 form ask me to report?
Report the total amount of qualifying property placed in service during tax year 2024.
What is an agricultural commodity processing facility?
The form defines it as buildings, structures, fixtures, or improvements used or operated primarily to process or produce marketable products from agricultural commodities.
Can a dairy operation qualify as an agricultural commodity processing facility?
The definition includes a dairy operation that requires a depreciable investment of at least $250,000 and produces milk from dairy cows.
Does a facility that only stores or transports commodities count?
No. The definition excludes a facility that provides only storage, cleaning, drying, or transportation of agricultural commodities, and nothing more.