572: 2024 Form 572 Transfer Agreement for Income Tax, Rural Electric Cooperatives Tax, or Insurance Premium Tax Credit (2024)
Oklahoma · Oklahoma Tax Commission · Used for tax years 2024
Oklahoma Form 572 documents an agreement to transfer income tax, rural electric cooperatives tax, or insurance premium tax credits. It records the parties, the type and amount of credits transferred, and the tax years when the credits were originally allowed and may be claimed.
Who files this form
Form 572 documents a transfer of Oklahoma income tax, rural electric cooperatives tax, or insurance premium tax credits.
- The transferor, the party transferring the credits, must file a copy of the agreement signed by both parties with the Oklahoma Tax Commission (OTC) on behalf of both parties.
- The transferee, the party receiving the credits, must file a copy with the tax return on which it claims those credits. If it transfers the credits again instead, it must execute and file a similar agreement.
When it's due
For the 2024 version of Form 572, the transferor must file a copy of the jointly signed agreement with the OTC within 30 days of the date of transfer.
The transferee must file a copy with the tax return on which it claims the transferred credits. The form does not give a calendar due date for that return.
What you'll need
Have these documents and details ready:
- A copy of the original OTC acknowledgment of credits issued to the transferor.
- A copy of the prior transfer agreement, if the current transferor received the credits through an earlier transfer.
- Each party’s name, address, and federal employer identification number or Social Security number.
- The transfer date, dollar amount, and type of credit.
- The tax years when the credits were originally allowed and the tax years for which they may be claimed.
- Both parties’ signatures and company information.
Transferred or allocated credits must also be reported on Form 569.
How to file
- Enter the credit details, transfer date, and information for both parties.
- Provide the original OTC credit acknowledgment and any required prior transfer agreement.
- Have both parties sign the agreement.
- The transferor files a copy with the OTC on behalf of both parties. The form’s Certificate of Mailing provides for first-class U.S. Mail with postage fully prepaid to:
Oklahoma Tax Commission
Oklahoma City, OK 73194
- Complete the Certificate of Mailing with the mailing date.
- The transferee files a copy with the income tax, rural electric cooperatives tax, or insurance premium tax return on which it claims the credits.
Common mistakes
- Not reporting the credits on Form 569. The form warns that failure to file Form 569 will cause the OTC to deny the affected transferred or allocated credits.
- Leaving out the credit acknowledgment. The form requires a copy of the original OTC acknowledgment issued to the transferor.
- Leaving out an earlier transfer agreement. If the current transferor obtained the credits by prior transfer, a copy of that agreement is also required.
Questions people ask
Which credits does Form 572 list as transferable?
The form lists the Credit for Qualified Rehabilitation Expenditures, the Credit for Railroad Modernization, and the Credit for Electricity Generated by Zero-Emission Facilities for credits generated before January 1, 2014.
Can the transferor transfer credits it has already claimed or transferred to someone else?
The agreement requires the transferor to state that it has neither claimed the credits for itself nor conveyed them to another transferee.
What if the recipient transfers the credits again?
The recipient agrees to execute and file a similar agreement for the subsequent transfer.
Does filing Form 572 replace reporting the transfer on Form 569?
No. The form separately requires transferred or allocated credits to be reported on Form 569 and warns that failing to file it will result in denial of the affected credits.