Okla. Stat. tit. 68, § 68-2357.41

Certified historic structures.

A. Except as otherwise provided by subsection I of this

section, for tax years beginning after December 31, 2000, there

shall be allowed a credit against the tax imposed by Sections 2355

and 2370 of this title or that portion of the tax imposed by Section

624 or 628 of Title 36 of the Oklahoma Statutes that would otherwise

have been apportioned to the General Revenue Fund for qualified

rehabilitation expenditures incurred in connection with any

certified historic hotel or historic newspaper plant building

located in an increment or incentive district created pursuant to

the Local Development Act or for qualified rehabilitation

expenditures incurred after January 1, 2006, in connection with any

certified historic structure.

B. The amount of the credit shall be one hundred percent (100%)

of the federal rehabilitation credit provided for in Section 47 of

Title 26 of the United States Code. The credit authorized by this

section may be claimed at any time after the relevant local

governmental body responsible for doing so issues a certificate of

occupancy or other document that is a precondition for the

applicable use of the building or structure that is the basis upon

which the credit authorized by this section is claimed.

C. All requirements with respect to qualification for the

credit authorized by Section 47 of Title 26 of the United States

Code shall be applicable to the credit authorized by this section.

D. If the credit allowed pursuant to this section exceeds the

amount of income taxes due or if there are no state income taxes due

on the income of the taxpayer, the amount of the credit allowed but

not used in any taxable year may be carried forward as a credit

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against subsequent income tax liability for a period not exceeding

ten (10) years following the qualified expenditures.

E. All rehabilitation work to which the credit may be applied

shall be reviewed by the State Historic Preservation Office which

will in turn forward the information to the National Park Service

for certification in accordance with 36 C.F.R., Part 67. A

certified historic structure may be rehabilitated for any lawful use

or uses, including without limitation mixed uses and still retain

eligibility for the credit provided for in this section.

F. The amount of the credit allowed for any credit claimed for

a certified historic hotel or historic newspaper plant building or

any certified historic structure, but not used, shall be freely

transferable, in whole or in part, to subsequent transferees at any

time during the five (5) years following the year of qualification.

Any person to whom or to which a tax credit is transferred shall

have only such rights to claim and use the credit under the terms

that would have applied to the entity by whom or by which the tax

credit was transferred. The provisions of this subsection shall not

limit the ability of a tax credit transferee to reduce the tax

liability of the transferee regardless of the actual tax liability

of the tax credit transferor for the relevant taxable period. The

transferor of the credit and the transferee shall jointly file a

copy of the written credit transfer agreement with the Oklahoma Tax

Commission within thirty (30) days of the transfer. Such filing of

the written credit transfer agreement with the Oklahoma Tax

Commission shall perfect such transfer. The written agreement shall

contain the name, address and taxpayer identification number of the

parties to the transfer, the amount of credit being transferred, the

year the credit was originally allowed to the transferor, the tax

year or years for which the credit may be claimed, and a

representation by the transferor that the transferor has neither

claimed for its own behalf nor conveyed such credits to any other

transferee. The Tax Commission shall develop a standard form for
of the

parties to the transfer, the amount of credit being transferred, the

year the credit was originally allowed to the transferor, the tax

year or years for which the credit may be claimed, and a

representation by the transferor that the transferor has neither

claimed for its own behalf nor conveyed such credits to any other

transferee. The Tax Commission shall develop a standard form for

use by subsequent transferees of the credit demonstrating

eligibility for the transferee to reduce its applicable tax

liabilities resulting from ownership of the credit. The Tax

Commission shall develop a system to record and track the transfers

of the credit and certify the ownership of the credit and may

promulgate rules to permit verification of the validity and

timeliness of a tax credit claimed upon a tax return pursuant to

this subsection but shall not promulgate any rules which unduly

restrict or hinder the transfers of such tax credit.

G. Notwithstanding any other provisions in this section, on or

after January 1, 2009, if a credit allowed pursuant to this section

which has been transferred is subsequently reduced as the result of

an adjustment by the Internal Revenue Service, Tax Commission, or

any other applicable government agency, only the transferor

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originally allowed the credit and not any subsequent transferee of

the credit, shall be held liable to repay any amount of disallowed

credit.

H. As used in this section:

1. “Certified historic hotel or historic newspaper plant

building” means a hotel or newspaper plant building that is listed

on the National Register of Historic Places within thirty (30)

months of taking the credit pursuant to this section.

2. “Certified historic structure” means a building that is

listed on the National Register of Historic Places within thirty

(30) months of taking the credit pursuant to this section or a

building located in Oklahoma which is certified by the State

Historic Preservation Office as contributing to the historic

significance of a certified historic district listed on the National

Register of Historic Places, or a local district that has been

certified by the State Historic Preservation Office as eligible for

listing in the National Register of Historic Places; and

3. “Qualified rehabilitation expenditures” means capital

expenditures that qualify for the federal rehabilitation credit

provided in Section 47 of Title 26 of the United States Code and

that were paid after December 31, 2000. Qualified rehabilitation

expenditures do not include capital expenditures for nonhistoric

additions except an addition that is required by state or federal

regulations that relate to safety or accessibility. In addition,

qualified rehabilitation expenditures do not include expenditures

related to the cost of acquisition of the property.

I. No credit otherwise authorized by the provisions of this

section may be claimed for any event, transaction, investment,

expenditure or other act occurring on or after July 1, 2010, for

which the credit would otherwise be allowable until the provisions

of this subsection shall cease to be operative on July 1, 2012.

Beginning July 1, 2012, the credit authorized by this section may be

claimed for any event, transaction, investment, expenditure or other

act occurring on or after July 1, 2010, according to the provisions

of this section. Any tax credits which accrue during the period of

July 1, 2010, through June 30, 2012, may not be claimed for any

period prior to the taxable year beginning January 1, 2012. No

credits which accrue during the period of July 1, 2010, through June

30, 2012, may be used to file an amended tax return for any taxable

year prior to the taxable year beginning January 1, 2012.