584: 2024 Form 584 Credit for Employees in the Vehicle Manufacturing Industry (2024)
Oklahoma · Oklahoma Tax Commission · Used for tax years 2024
Oklahoma Form 584 calculates the Credit for Employees in the Vehicle Manufacturing Industry for 2024. It records qualified employer and engineering degree information, the current-year credit, and unused credits carried over from prior years.
Who files this form
Form 584 is for qualified employees claiming Oklahoma’s Credit for Employees in the Vehicle Manufacturing Industry for tax year 2024.
To qualify, you must:
- Be employed in Oklahoma by, or contract in Oklahoma with, a qualified employer on or after January 1, 2018. The employer’s principal business activity must involve vehicle manufacturing.
- Have an undergraduate or graduate engineering degree from a qualified institution. Both your program and degree type must have been accredited by the Engineering Accreditation Commission of ABET when you graduated.
- Generally, not have worked in Oklahoma vehicle manufacturing immediately before working or contracting with the qualified employer.
The definition does not exclude someone who worked in vehicle manufacturing before receiving the qualifying degree but was not a full-time engineer. It also includes qualifying degree holders employed by a professional staffing company and assigned to Oklahoma vehicle manufacturing work.
For this credit, vehicle manufacturing includes qualifying vehicle manufacturing operations first placed in operation in Oklahoma after November 1, 2018, and automotive parts manufacturing operations first placed in operation after November 1, 2019. Low-speed electric vehicles and vehicles manufactured primarily for off-road use are excluded. For operations placed in service after November 1, 2018, and before November 2, 2019, buses and truck-tractors are also excluded.
What you'll need
Have the following information ready:
- Your name as shown on your return and Social Security number.
- Your qualified employer’s name, Federal Employer Identification Number (FEIN), and your employment dates in Oklahoma.
- Your college or university’s name, city and state, qualified program, degree type, and graduation date.
- Any unused credits from prior years and the tax years when those credits were originally established.
If this is your first year claiming the credit, you may be asked for proof of your engineering degree, such as a diploma and/or transcript. You may choose to enclose that proof.
How to file
Complete the form as follows:
- Part 1: Enter your qualified employer’s name, FEIN, and your Oklahoma employment dates.
- Part 2: Enter your college or university information, qualified program, undergraduate or graduate degree type, and graduation date.
- Part 3, line 1: Enter $5,000 if you are in your first five years of Oklahoma employment with a qualified employer. Also enter this amount on Form 511-CR.
- Part 3, line 2: Enter credits allowed but unused in prior years, along with the tax years when they were originally established.
- Part 3, line 3: Add lines 1 and 2. Enter the total here and on Form 511-CR.
The supplied form does not provide a mailing address or e-file instructions.
Common mistakes
- Overlooking accreditation requirements: Both the program and the degree type must have had the required ABET accreditation on your graduation date.
- Carrying credits forward too long: Unused credits may be carried over, in order, for no more than five years from when the credit was originally established.
- Skipping Form 584 in a carryover year: The form says you must complete a Form 584 for each carryover year.
Questions people ask
How much is the credit?
A qualified employee may receive a $5,000 credit each year for up to the first five taxable years of qualifying Oklahoma employment.
What if my available credit is more than my tax?
You may carry over unused credit for up to five years from when it was originally established. Complete Form 584 for each carryover year.
Is there an overall limit on the credit?
Yes. No more than $2 million of credit may be allowed to offset tax in a taxable year. The form states that the full statutory credit is available for tax year 2024.
Do I have to enclose my diploma the first time I claim the credit?
The form says you may be asked to provide proof of your engineering degree, such as a diploma and/or transcript. You may choose to enclose that proof.