529: 2024 Form 529 Small Business Guaranty Fee Credit (2024)
Oklahoma · Oklahoma Tax Commission · Used for tax years 2024
Oklahoma Form 529 calculates the Small Business Guaranty Fee Credit for banks and credit unions. It reports eligible SBA 7(a) loan guaranty fees paid during 2024, unused carryover credit from prior years, and the total credit available for 2024.
Who files this form
Form 529 is used to claim Oklahoma's Small Business Guaranty Fee Credit. The form identifies eligible institutions as state banking associations, national banking associations, and credit unions organized under Oklahoma law whose main office is in Oklahoma.
The credit is for guaranty fees the institution pays to the U.S. Small Business Administration (SBA) under its 7(a) loan guaranty program.
- No credit is allowed if the institution adds the fee to the borrower's financed amount or otherwise recovers the fee from the borrower.
- A bank or credit union making a federal Subchapter S election is not eligible because it is not subject to the “in lieu” tax.
What you'll need
- The name shown on the return and the Federal Employer Identification Number (FEIN).
- The first page of the authorization received from SBA, or other proof of the guaranty fee.
- For fees paid during tax year 2024, a separate schedule listing each small business's name, FEIN, and type, plus the amount of guaranty fee paid and the payment date.
- If claiming unused carryover credit, the amount and the tax year or years when it was originally established. Provide copies of Form 529 for the year the credit was established and all subsequent years.
How to file
Complete the 2024 Form 529 as follows:
- Enter the name shown on your return and your FEIN.
- On line 1, enter eligible loan guaranty fees paid during tax year 2024. Provide the required proof and separate small-business schedule.
- On line 2, enter unused carryover credit and the tax year or years when it was established. Provide the required prior-year Forms 529.
- Add lines 1 and 2. Enter the total on line 3 and on Form 511-CR, line 4.
Transferred or allocated tax credits must also be reported on OTC Form 569.
The supplied text does not give a mailing address or e-filing instructions.
Common mistakes
- Leaving out proof of the fee. The form specifically requires the first page of the SBA authorization or other proof of the guaranty fee.
- Claiming a fee recovered from the borrower. No credit is allowed if the fee is added to the financed amount or otherwise recovered from the borrower.
- Claiming the credit after a federal Subchapter S election. A bank or credit union making that election is not eligible.
- Failing to report transferred or allocated credits on Form 569. The notice says the OTC will deny the affected credits if Form 569 is not filed.
Questions people ask
Which fees go on line 1?
Enter eligible SBA 7(a) loan guaranty fees paid by the bank or credit union during tax year 2024.
Can unused credit be carried forward?
Yes. If the credit exceeds income taxes due, or no state income taxes are due, unused credit may be carried forward for up to five years from when the credit was originally established. Complete Form 529 for each carryover year.
What records are needed for carryover credit?
Provide a copy of Form 529 for the year the credit was originally established and for all subsequent years. Enter the unused amount and the original tax year or years on line 2.
Where does the total credit go?
Add lines 1 and 2 on Form 529. Enter the total on line 3 and on Form 511-CR, line 4.