582-I: 2024 Form 582-I Oklahoma Deduction for Qualified Equity Investments in an Eligible Oklahoma Venture Capital Company (2024)
Oklahoma · Oklahoma Tax Commission · Used for tax years 2024
Oklahoma Form 582-I is a stand-alone information return used to claim the deduction for qualified equity investments in an eligible Oklahoma venture capital company. It reports investment details and any return of investment, including related-party and financial performance info
Who files this form
An accredited investor must file Form 582-I to claim the Oklahoma deduction for qualified equity investments in an eligible Oklahoma venture capital company.
The deduction is available for tax years 2022 through 2026, including 2024. An accredited investor is a person or entity defined by Section 230.501 of Title 17 of the Code of Federal Regulations who is authorized to claim the deduction on their income tax return.
When it's due
For tax year 2024, the form states:
- Each eligible Oklahoma venture capital company must make Form 582-I available to all its investors by January 31. The text does not specify the calendar year for that date.
- The investor must file Form 582-I by the due date of the return claiming the deduction. No specific calendar date is printed for this filing deadline.
What you'll need
Have the following information ready to complete the form:
- Your name as shown on your income tax return, FEIN or SSN, address, phone number, and investor type: individual, trust, corporation, or partnership.
- For each qualified equity investment: the venture capital company's name and FEIN or SSN, the investment date, investment type, and amount invested.
- For any return of investment: the company's name, address, and FEIN or SSN; the original investment date; the return date; and the amount returned.
- Whether a return of investment was to a related person or entity, how the investor is related, and whether the return met the financial performance requirements referenced on the form.
Eligible Oklahoma venture capital companies must make Form 582-I available to investors with information about returns of investment.
How to file
Complete Form 582-I with the investor, investment, and any return-of-investment information. Use as many Forms 582-I as needed. The form includes a declaration under penalties of perjury and a signature and date area labeled for an officer, general partner, or member.
Mail the form to:
Oklahoma Tax Commission
Oklahoma City, OK 73194
Form 582-I is a stand-alone form. Do not mail it with any other form.
Common mistakes
- Mailing Form 582-I with another form. It must be mailed separately as a stand-alone form.
- Claiming the deduction without filing Form 582-I. Filing this form is required to claim the deduction.
- Using the deduction to reduce Oklahoma taxable income below zero. The form expressly prohibits this.
- Carrying over an unused deduction. No carryover is allowed.
Questions people ask
How much can an accredited investor deduct?
For tax years 2022 through 2026, including 2024, an accredited investor may deduct up to $25 million during a taxable year for qualified equity investments in an eligible Oklahoma venture capital company. The deduction cannot reduce Oklahoma taxable income below zero, and no carryover is allowed.
What is a qualified equity investment?
It is a transfer of cash or its equivalent by an accredited investor to an eligible Oklahoma venture capital company. For this deduction, the amount cannot exceed $25 million per accredited investor during a taxable year.
What kinds of companies can be eligible venture capital companies?
The company must be a lawfully recognized business entity whose primary business purpose is to accumulate funds to invest in lawful for-profit businesses. Listed forms include general partnerships, limited partnerships, limited liability partnerships, limited liability companies, corporations, and other lawfully recognized business entities.
What if I need more space to report investments?
The form says to use as many Forms 582-I as needed.
Should I mail Form 582-I with my income tax return?
No. Form 582-I is a stand-alone form and must not be mailed with any other form. Mail it to the Oklahoma Tax Commission, Oklahoma City, OK 73194.