Oklahoma Corporate Income Tax Return Packet (form and instructions)

Corporate Income Tax Return Packet (form and instructions)
2023 Form 512 Oklahoma Corporation Income and Franchise Tax Return Packet & Instructions
2023 Oklahoma
Corporation
Income and Franchise
Tax Forms and
Instructions
This packet contains:
	 •	 Instructions for Completing Form 512
	 •	 Corporation Income and Franchise Tax Form 512
	 •	 Computation of Oklahoma Consolidated Taxable Income Form 512-TI
	 •	 Supplemental Schedule for Form 512-TI Form 512-TI-SUP
	 •	 Computation of Oklahoma Consolidated Annual Franchise Tax Form 512-FT
	 •	 Supplemental Schedule for Form 512-FT Form 512-FT-SUP
Filing date:
	 •	Your Oklahoma return is due 30 days after the due date of your federal return.
For assistance:
	
•	See page 16 for methods of contacting the Oklahoma Tax Commission (OTC).
NOTE:
	
•	Pursuant to OAC 710:50-17-1, the Oklahoma Corporation Income and Franchise Tax
Return must be filed electronically.

2023 OKLAHOMA CORPORATION TAX PACKET
TABLE OF CONTENTS
General Filing Information...................................................................................................................................................3-6
Estimated Income Tax Information......................................................................................................................................... 4
Amended Returns.................................................................................................................................................................. 5
Line by Line Instructions....................................................................................................................................................6-15
General Instructions for Determining Oklahoma Taxable Income....................................................................................... 6-8
Part 1 Instructions...............................................................................................................................................................8-9
Part 2 Instructions.............................................................................................................................................................9-10
Form 512, Pages 1 and 2 Instructions............................................................................................................................ 10-12
Line by Line Instructions: Franchise Tax......................................................................................................................... 12-14
Form 512, Page 2 - Section 2: Franchise Tax...................................................................................................................... 14
Form 512, Pages 2 and 3 - Section 3: Total.................................................................................................................... 14-15
When You Are Finished........................................................................................................................................................ 15
Direct Deposit Information.................................................................................................................................................... 16
How to Contact OTC............................................................................................................................................................ 16

COMMON ABBREVIATIONS FOUND IN THIS PACKET
FEIN -	 Federal Employer Identification Number
IRC	 -	 Internal Revenue Code
IRS	 -	 Internal Revenue Service
OS	 -	 Oklahoma Statutes
OTC	-	 Oklahoma Tax Commission
PTE	 -	 Pass-Through Entity
Sec.	-	 Section(s)

HELPFUL HINTS
• Refunds must be made by direct deposit. Failure to supply direct deposit information will delay the processing of the
refund.
• Check your FEIN on all forms and schedules.
•	 The request for your FEIN is authorized by Section 405, Title 42, of the United States Code. You must provide this
information. It will be used to establish your identity for tax purposes only. Important: If you do not have a FEIN, you
may obtain one online at irs.gov or by calling 800.829.4933. If you would prefer to file a paper application, contact the
IRS and request Form SS-4.
•	 Check your calculations carefully.
• Fiscal year dates are a common problem. If you file based on a fiscal year, please list dates on top of form where
indicated.
• Provide a complete copy of your federal return, and all required schedules. Failure to do so can slow down the
processing of your return.
•	 When complete, make copies of all the documents for your records.
•	 Don’t forget to sign your tax returns.
•	 The Oklahoma Tax Commission is not required to give actual notice to taxpayers of changes in any state tax law.	
	

E-file your 512 right now! Visit tax.ok.gov for approved electronic filing products.	

2

WHAT’S NEW IN THE 2023 OKLAHOMA TAX PACKET?
• The Credit for Strategic Industrial Development Enhancement (SIDE) Projects was added to the Form 511-CR. To obtain
Form 511-CR, visit tax.ok.gov.
• The Credit for Qualified Clean-Burning Motor Vehicle Fuel Property was expanded to include equipment installed to
modify a motor vehicle that is propelled by a hydrogen fuel cell, effective for property placed in service on or after July 1,
2023. The credit may be claimed on Form 511-CR. To obtain Form 511-CR, visit tax.ok.gov.
• A deduction for bonus depreciation on qualified property or qualified improvement property covered under Section 168 of
the Internal Revenue Code was added. See Form 512, Part 1, Line 20, Column B.

GENERAL FILING INFORMATION: INCOME TAX AND FRANCHISE TAX
WHO MUST FILE
Any corporation doing business within or deriving income from sources within Oklahoma is required to file an Oklahoma
Corporation Income Tax Return, whether or not a tax is due.
Every corporation organized under the laws of this state or qualified to do or doing business in Oklahoma in a corporate
or organized capacity by virtue or creation of organization under the laws of this state or any other state, territory, district,
or a foreign country, including associations, joint stock companies and business trusts as defined by Oklahoma Statutes
unless exempt by statutes must file an Oklahoma Annual Franchise Tax Return. The term “doing business” means and
includes every act, power, or privilege exercised or enjoyed in this state as an incident to do or by virtue of powers and
privileges acquired by the nature of all organizations falling within the purview of the Franchise Tax Code.
For tax year 2023, corporations required to file a franchise tax return with an existing election may file a combined
corporate income and franchise tax return. Corporations not filing a combined corporate income and franchise tax
return must file a Form 200 (Oklahoma Annual Franchise Tax Return). Corporations that remitted the maximum amount
of franchise tax for the preceding tax year or that have had their corporate charter suspended do not qualify to file a
combined corporate income and franchise tax return.
Note: Small Business Corporations (Subchapter S) must use Form 512-S.

TIME AND PLACE FOR FILING
Corporate returns shall be due no later than 30 days after the due date established under the Internal Revenue Code
(IRC). In the case of complete liquidation or the dissolution of a corporation, the return shall be made on or before the 15th
day of the fourth month following the month in which the corporation is completely liquidated. When the last date for filing
any document or performing any act required by the Oklahoma Tax Commission (OTC) falls on a day when the offices are
not open for business, the filing of the document or performance of the act shall be considered timely if it is performed by
the end of the next business day.
A valid extension of time in which to file your federal return automatically extends the due date of your Oklahoma return if
no Oklahoma liability is owed. A copy of the federal extension must be provided with your Oklahoma return. If your federal
return is not extended, or an Oklahoma liability is owed, an extension of time to file your Oklahoma return may be granted
on Form 504-C. The Form 504-C must be filed on or before the due date of the return. To avoid delinquent penalty for late
payment of income tax, 90% of the income tax liability must be paid with the extension. To avoid delinquent interest for
late payment of income tax, 100% of the income tax liability must be paid with the extension. To avoid delinquent penalty
and interest for late payments of franchise tax, 100% of the franchise tax liability must be paid with the extension.
Electronic filing is required pursuant to OAC 710:50-17-1.

FISCAL YEAR AND SHORT PERIOD RETURNS
For all fiscal year and short period returns, the beginning and ending dates of the tax year must be shown on the top
portion of the return where indicated. Omission of this information may cause a significant delay in the processing of the
return and no interest will accrue on any refund pending.

	

E-file your 512 right now! Visit tax.ok.gov for approved electronic filing products.	

3

2023 OKLAHOMA CORPORATION TAX PACKET
CONSOLIDATED RETURNS
If a federal consolidated return is filed, an Oklahoma consolidated return may be required or permitted under certain
circumstances.
An election to file a separate or consolidated return is made with the timely filing of the original return. This election
cannot be changed with the filing of an amended return. If an affiliated group of corporations elects to file a consolidated
Oklahoma income tax return, such election shall be binding. The affiliated group of corporations shall be required to
file a consolidated Oklahoma income tax return for all future tax years unless the OTC releases the affiliated group of
corporations from such election.
• Income Tax
In filing a Consolidated Income Tax Return for Oklahoma, the Oklahoma taxable income for each corporation is computed
separately on its own factors and then combined for one total income upon which the tax is computed. Complete Form
512-TI (Computation of Oklahoma Consolidated Taxable Income) to determine the combined taxable income
to report on page 1, line 1 of Form 512. Submit separate Form 512, pages 4-9 for each company within the
consolidation.
Provide a copy of the federal consolidated return with an income statement, balance sheet, M-1, M-2, M-3 and supporting
schedules for each member of the consolidated group. 68 Oklahoma Statutes (OS) Sec. 2367.
• Franchise Tax
If filing a Consolidated Franchise Tax Return for Oklahoma, the Oklahoma franchise tax for each corporation is computed
separately and then combined for one total tax. Complete Form 512-FT (Computation of Oklahoma Consolidated
Annual Franchise Tax) to determine the combined taxable income to report on page 2, Section Two, lines 17–24
of Form 512. Submit separate Form 512, pages 10-13 for each company within the consolidation.

SPECIAL INSTRUCTIONS REGARDING FORM 512, PAGES 8 AND 9
Complete Pages 8 and 9 or attach a copy of the Federal Form 1120 Schedules L, M-1 and M-2. Corporations that are
not required to complete Federal Form 1120 Schedules L, M-1 and M-2 are still required to complete the Oklahoma Form
512, Pages 8 and 9 - Balance Sheets, Reconciliation of Income per Books with Income per Return (OK M-1) and Analysis
of Unappropriated Retained Earnings per Books (OK M-2).
Corporations that are not required to complete Federal Form 1120 Schedule M-1 due to the requirement to complete
Schedule M-3 must either complete the Oklahoma Schedule M-1 or provide a copy of the Federal Schedule M-3.

GENERAL FILING INFORMATION: INCOME TAX
DECLARATION OF ESTIMATED TAX
Corporations must make estimated tax payments when the tax liability for the current year can reasonably be expected to
be $500 or more. The estimated tax payments shall be the lesser of 70% of your current year’s tax liability or 100% of the
tax liability shown on your return for the preceding taxable year of 12 months.
The estimated tax payments shall be paid in four equal* installments of:
	
•	 One-quarter on or before the 15th day of the fourth month of the taxable year;
	
• 	 One-quarter on or before the 15th day of the sixth month of the taxable year;
	
• 	 One-quarter on or before the 15th day of the ninth month of the taxable year; and
	
• 	 One-quarter on or before the 15th day of the first month of the succeeding taxable year.
Amended declarations may be filed on any of the payment dates. Form OW-8-ESC, for filing estimated payments, can be
obtained from our website at tax.ok.gov.
*For purposes of determining the amount of tax due on any of the respective dates, taxpayers may compute the tax by
placing taxable income on an annualized basis as prescribed in Rule 710:50-13-9.
Estimated payments can be made electronically through OTC’s website. Visit OkTAP at tax.ok.gov, and select the Make
a Payment link.
There is no provision in the present law for tentative returns.

	

E-file your 512 right now! Visit tax.ok.gov for approved electronic filing products.	

4

2023 OKLAHOMA CORPORATION TAX PACKET
AMENDED RETURNS
Beginning with tax year 2013, the Form 512 will be used to file an amended return. See Form 512, page 14 for complete
instructions. Overpayments cannot be applied to next year’s estimated tax. Line 27 cannot be amended or
changed once the original return has been processed. See 68 OS Sec. 2373 for the statute of limitations for refunds.

ADJUSTMENTS BY INTERNAL REVENUE SERVICE (IRS)
Taxpayers who file “consents” extending the time for making federal adjustments automatically extend the time for making
state adjustments. The taxpayer is also required to file an amended return reporting all IRS adjustments. A copy of the
finalized RAR must be provided with each return.

BANKS AND CREDIT UNIONS
State and national banks and state credit unions are subject to an “In Lieu” tax. See 68 OS Sec. 2370. When reporting
income on Part 1, line(s) 5 and/or 6b, provide a detailed schedule of the interest income by source and amount. Expense
deductions claimed in arriving at taxable income shall be reduced by an amount equal to 50% of excluded interest income
on obligations of the United States government or agencies thereof and obligations of the State of Oklahoma or political
subdivisions thereof.

REAL ESTATE INVESTMENT TRUSTS
A real estate investment trust that does not become regularly traded on an established securities market within one year
of the date on which it first becomes a real estate investment trust shall be deemed not to have been regularly traded on
an established securities market, retroactive to the date it first became a real estate investment trust. An amended return
shall be filed reflecting such retroactive designation for any tax year or part year occurring during its initial year of status
as a real estate investment trust. For purposes of this paragraph, a real estate investment trust becomes a real estate
investment trust on the first day it has met the requirements of Section 856 of the IRC and has elected to be treated as a
real estate investment trust pursuant to IRC Section 856(c)(1). 68 OS Sec. 2358.

OKLAHOMA NET OPERATING LOSS DEDUCTION
Notice: The amount of any net operating loss deduction claimed on Part 1, line 29a or Part 2, line 6e, must also be
entered on the front of Form 512 in the space provided at the top of the form. There is also a space provided to enter the
loss year(s).
The amount of any federal net operating loss deduction shall be adjusted as follows:
The amount of any net operating loss deduction allowed for the taxable year shall be an amount equal to the aggregate
of the Oklahoma net operating loss carryovers and carrybacks to such year. Oklahoma net operating losses shall be
separately determined by reference to IRC Section 172 as modified by the Oklahoma Income Tax Act and shall be allowed
without regard to the existence of a federal net operating loss. For tax years 1996-2000, net operating losses may not
be carried back but may be carried forward for a period of time not to exceed 15 years. For tax years 2001-2007 and
tax year 2009 and subsequent, the years to which such losses may be carried shall be determined solely by reference
to IRC Section 172. For tax year 2008, years to which such losses may be carried back shall be limited to two years. No
carryback is allowed for losses arising in tax years beginning after December 31, 2017, except as provided for in IRC
Section 172. 68 OS Sec. 2358 (A)(3).
A detailed schedule must be furnished for any net operating loss carried forward to the current tax year.
An election may be made to forego the carryback period. A written statement of the election must be part of the original
timely filed Oklahoma loss-year return. If the corporation timely filed its return for the loss-year without making the
election, it may make the election on an amended return filed within six months of the due date of the loss year return
(excluding extensions). Attach the election to the amended return. Once made, the election is irrevocable.

	

E-file your 512 right now! Visit tax.ok.gov for approved electronic filing products.	

5

2023 OKLAHOMA CORPORATION TAX PACKET
GENERAL FILING INFORMATION: FRANCHISE TAX
REQUIREMENT FOR FILING A FRANCHISE TAX RETURN
All foreign (non-Oklahoma) corporations, including non-profits, must pay an annual registered agent fee of $100.00.
Indicate this amount on line 13 of the Form 512, page 10.
The maximum annual franchise tax is $20,000.00. Corporations that remitted the maximum amount of franchise tax for
the preceding tax year do not qualify to file a combined income and franchise tax return. For these corporations, franchise
tax is due and payable on May 1 of each year, and delinquent if not paid on or before June 1.
If a taxpayer computes the franchise tax due and determines that it amounts to $250.00 or less, the taxpayer is exempt
from the tax and a “no tax due” return is required to be filed. A schedule of corporate officers must still be filed and, for
foreign corporations, the $100.00 registered agents fee is still due.
If the charter or other instrument is suspended, a fee of $150.00 is required for reinstatement. See Line 16 Reinstatement Fee on page 10.

FRANCHISE TAX COMPUTATION
The basis for computing Oklahoma franchise tax is the balance sheet as shown by your books of account at the close of
the last preceding income tax accounting year, or if electing to change filing to match the due date of the corporate income
tax, the balance sheet for that corporate tax year.
The franchise tax for corporations doing business both within and outside of Oklahoma is computed on the proportion
to which property owned, or property owned and business done, within Oklahoma bears to total property owned, or total
property owned and total business done everywhere.
“Property owned” is the book value of the assets. For the purpose of determining apportionment between Oklahoma and
elsewhere, liabilities are not to be deducted from gross assets.
The term “business done” means and includes the engaging in any activity or the performing of any act or acts in this state
that constitutes the doing or transacting of business. Business done in Oklahoma includes sales shipped from Oklahoma
to another state in which the corporation is not doing business.
Intercompany payables and receivables between parent, subsidiary and/or affiliates, are to be eliminated from the
calculations necessary to determine the amount of franchise tax due.
Oklahoma franchise (excise) tax is levied and assessed at the rate of $1.25 per $1,000.00 or fraction thereof on the
amount of capital allocated or employed in Oklahoma.

LINE BY LINE INSTRUCTIONS: INCOME TAX
GENERAL INSTRUCTIONS FOR DETERMINING OKLAHOMA TAXABLE INCOME
INCOME COMPUTATION

Beginning with federal taxable income, proper adjustments are to be made to arrive at Oklahoma taxable income. Some
of the adjustments may be to add interest income from obligations of state and political sub-divisions thereof, and to
deduct interest from U.S. obligations. Oil and mining production or royalties and gain or loss from disposition of such
property shall be allocated according to their situs. General and administrative expenses, such as interest expense, etc.,
will ordinarily be allocated on the basis of Oklahoma direct expense to total direct expense.

SAFETY PAYS OSHA CONSULTATION SERVICE EXEMPTION

(Part 1, line 26, column B or Part 2, line 3)
An employer that is eligible for and utilizes the Safety Pays OSHA Consultation Service provided by the Oklahoma
Department of Labor shall receive a $1,000 exemption for the tax year the service is utilized. Employers must be able to
substantiate their participation in the Oklahoma Department of Labor’s Safety Pays OSHA Consultation Service upon request.

QUALIFIED REFINERY PROPERTY

(Part 1, line 10, column B or Part 2, line 2)
If the election was made to expense the cost of qualified Oklahoma refinery property placed in service before January 1,
2012, on a previous year’s Oklahoma return, the depreciation deduction claimed on the federal return for such property
must be added back to arrive at Oklahoma taxable income. This addition must be made regardless of whether the
expense was claimed on the corporate return or allocated to its owners. 68 OS Sec. 2357.204.
	

E-file your 512 right now! Visit tax.ok.gov for approved electronic filing products.	

6

2023 OKLAHOMA CORPORATION TAX PACKET
COST OF COMPLYING WITH SULFUR REGULATIONS

A qualified refinery may make an irrevocable election to allocate all or a portion of the cost of complying with sulfur
regulations issued by the Environmental Protection Agency as a deduction allowable to its owners. The allocation for each
person is equal to the ratable share of the total amount allocated, determined on the basis of the ownership interest of the
person. The taxable income of the refinery shall not be reduced by the reason of any amount allowed under this section.
68 OS Sec. 2357.205.
If You Are the Refinery To make the election, attach a schedule stating your corporate name and FEIN, a list of the costs of complying with sulfur
regulations, some or all of which are being allocated to your owners, and the portion of such costs allocated to each
owner, including the owner’s name and federal identification number. You shall also provide each owner with written
notice of the amount of the allocation. The notice must include your corporate name and FEIN and the owner’s name and
federal identification number.
If You Are the Owner (Part 1, line 26, column B or Part 2, line 6)
Deduct the portion of the cost of complying with sulfur regulations that have been allocated to you. Attach the written
notice of the allocation received from the refinery.

OKLAHOMA CAPITAL GAIN DEDUCTION:

(Part 1, line 25, column B or Part 2, line 6d)
Corporations can deduct qualifying gains receiving capital treatment that are included in federal taxable income.
“Qualifying gains receiving capital treatment” means the amount of the net capital gains, as defined under IRC Section
1222(11). The qualifying gain must:
	

1)	 Be earned on real or tangible personal property located within Oklahoma that you have owned, either directly or
indirectly, for at least five uninterrupted years prior to the date of the sale;

	

2)	 Be earned on the sale of stock or ownership interest in an Oklahoma headquartered company, limited liability
company or partnership where such stock or ownership interest has been owned, either directly or indirectly, by
you for at least three uninterrupted years prior to the date of the sale; or

	

3)	 Be earned on the sale of real property, tangible personal property or intangible personal property located within
Oklahoma as part of the sale of all or substantially all of the assets on an Oklahoma company, limited liability
company or partnership where such property has been directly or indirectly owned by such entity or owned by the
owners of such entity, and used in or derived from such entity for a period of at least three uninterrupted years
prior to the date of the sale.

Provide Form 561C, a copy of your Federal Schedule D and Form 8949 or 4797, when applicable.

AGRICULTURAL COMMODITY PROCESSING FACILITY EXCLUSION:

(Part 1, line 26, column B or Part 2, line 6)
Owners of agricultural commodity processing facilities may exclude 15% of their investment costs in a new or expanded
agricultural commodity processing facility located within Oklahoma. Agricultural commodity processing facility means
building, structures, fixtures and improvements used or operated primarily for the processing or production of agricultural
commodities to marketable products. The investment is deemed made when the property is placed in service.
Under no circumstances shall this exclusion lower your taxable income below zero. In the event the exclusion does
exceed taxable income, any unused portion may be carried over for a period not to exceed six years. A schedule must be
provided showing the type of investment(s), the cost of the investment and the date placed in service.

CAPTIVE REAL ESTATE INVESTMENT TRUSTS:

(Part 1, line 10, column B or Part 2, line 2)
A captive real estate investment trust, which is subject to federal income tax, is required to add-back the dividends-paid
deduction otherwise allowed by federal law in computing net income. 68 OS Sec. 2358.

INDIAN EMPLOYMENT EXCLUSION:

(Part 1, line 26, column B or Part 2, line 3)
All qualified wages equal to the Federal Indian Employment Credit set forth in 26 U.S.C.A., Section 45A, shall be deducted from taxable income. Deduct on the Oklahoma return, an amount equal to the reduction of salaries and wages
reported on the federal return as a result of the Form 8845 (Indian Employment Credit). The deduction allowed shall only
be permitted for the tax years in which the federal credit is allowed, even if not used in such year because of tax liability
limitations. Provide a copy of the federal return, Form 8845 and if applicable, Form 3800.
	

E-file your 512 right now! Visit tax.ok.gov for approved electronic filing products.	

7

2023 OKLAHOMA CORPORATION TAX PACKET
DEDUCTION FOR QUALIFIED EQUITY INVESTMENTS:

(Part 1, line 26, column B or Part 2, line 3)
Corporations may deduct qualified equity investments in an eligible Oklahoma venture capital company. The deduction
may not exceed $25 million by an accredited investor during a taxable year and may not reduce Oklahoma taxable income below zero. 68 OS Sec 2358.110. Provide Form 582-I (available at tax.ok.gov).

DEDUCTION FOR QUALIFIED PROPERTY

(Part 1, line 20, column B, or Part 2, line 3)
Corporations may deduct the cost of business assets that are qualified property or qualified improvement property covered under Sec. 168 of the IRC. The qualified property is eligible for 100% Oklahoma bonus depreciation and may be
deducted as an expense incurred by the taxpayer during the taxable year during which the property is placed in service.

PAGES FOUR AND FIVE - PART 1
Part 1, Column A is to be completed by all corporations. All corporations start with Part 1.
Part 1, Column B is to be used by all corporations domesticated in Oklahoma deriving all of their income within
Oklahoma or by corporations whose business within and without Oklahoma is oil and gas production, mining,
farming, income from pass-through entities or rental. This should be completed using the direct accounting
method.
Income (loss) shall be allocated in accordance with the situs of such property. Overhead expense shall be
allocated on the basis of direct expense in Oklahoma to the total direct expense everywhere.
Line 5 - Interest on U.S. Government Obligations
If you report interest on bonds, notes, and other obligations of the U.S. on your federal return, it may be excluded from
your Oklahoma income if a detailed schedule is furnished, accompanied with 1099s showing the amount of interest
income and the name of the obligation from which the interest is earned. If the income is from a mutual fund that invests
in U.S. Government obligations, provide documentation from the mutual fund to substantiate the percentage of income
derived from obligations exempt from Oklahoma tax. Interest from entities such as FNMA & GNMA does not qualify.
Line 6a - Other Interest
Accounts receivable interest income and interest income from investments held to generate working capital shall be
allocated to Oklahoma on the basis of direct expense.
All other intangible income (loss) shall be allocated in accordance with the situs of the corporation.
Line 6b - State and Municipal Interest
Corporations domiciled in Oklahoma that receive income on bonds issued by any state or political subdivision thereof,
exempt from federal taxation but not exempt from taxation by the laws of the State of Oklahoma, shall add the total of
such income to arrive at Oklahoma income.
	

1)	 Income from all bonds, notes or other obligations issued by the State of Oklahoma, the Oklahoma Capital
Improvement Authority, the Oklahoma Municipal Power Authority, the Oklahoma Student Loan Authority and the
Oklahoma Transportation Authority (formerly Turnpike Authority) is exempt from Oklahoma income tax. The profit
from the sale of such bond, note or other obligations shall be free from taxation.

	

2)	 Income from local Oklahoma governmental obligations issued after July 1, 2001, other than those provided for in
1, is exempt from Oklahoma income tax. The exceptions are those obligations issued for the purpose of providing
financing for projects for nonprofit corporations. Local governmental obligations shall include bonds or notes
issued by, or on behalf of, or for the benefit of Oklahoma educational institutions, cities, towns, or counties or by
public trusts, of which any of the foregoing is a beneficiary.

	

3)	 Income from Oklahoma state and municipal bonds issued prior to July 2, 2001, other than those provided for in 1,
is exempt from Oklahoma income tax only if so provided by the statute authorizing their issuance.

	

4)	 Income on bonds issued by another state or political subdivision thereof (non-Oklahoma) exempt from federal
taxation is taxable for Oklahoma income tax.

Provide a schedule of all municipal interest received by source and amount. If the income is from a mutual fund that
invests in state and local government obligations, provide documentation from the mutual fund to substantiate the
percentage of income derived from obligations exempt from Oklahoma tax.
Note: If the interest is exempt, the capital gain/loss from the sale of the bond may also be exempt. The gain/loss from sale
of a state or municipal bond, other than those provided for in 1, is exempt only if so provided by the statute authorizing its
issuance.
	

E-file your 512 right now! Visit tax.ok.gov for approved electronic filing products.	

8

2023 OKLAHOMA CORPORATION TAX PACKET
Line 7 and 8 - Rents and Royalties
Income from real or tangible personal property, lease royalty or bonus shall be allocated in accordance with the situs of
the property.
Line 9 - Gains or Losses
Gains or losses from the sale of leases and gains or losses from the sale of real and tangible personal property shall be
allocated in accordance with the situs of the property.
Line 10 - Other Income (column B)
Rents and interest expenses paid to a captive real estate investment trust and deducted on your federal return must be
added back to compute Oklahoma taxable income. Such add-back is not required if the captive real estate investment
trust is subject to the add-back for the dividends-paid deduction. See “Captive Real Estate Investment Trusts” on page 7.
If you are a member, either directly or indirectly, of an electing pass-through entity (PTE), provide a schedule listing the
electing PTE, federal identification number, federal taxable income (loss) and Oklahoma taxable income (loss) in line 1
that is covered by the election pursuant to the provisions of the Pass-Through Entity Act of 2019. 68 OS Sec. 2355.1P-4
Line 12 through 26 - Expenses
Expenses relative to the income above shall be allocated directly to that income.

PAGES SIX AND SEVEN - PART 2
Part 2 is to be used by corporations conducting a business of a unitary nature. A unitary business is one whose income is
derived from the conduct in more than one state of a single business enterprise, all the factors of which are essential to
the realization of an ultimate gain derived from the enterprise as a whole, and not from its component parts, which are too
closely connected and necessary to each other to justify division or separate allocation.
Generally, the resulting amount is apportioned to Oklahoma based on the three-factor formula. The basis of the
apportionment is the arithmetical average of three factors consisting of property, payroll and sales. If fewer than three
factors are present, the resulting amount is apportioned to Oklahoma on a two-factor or single-factor formula consisting of
the arithmetical average of the factors present. A factor is considered present if there is a denominator.
NOTE: FACTORS ARE NOT COMPUTED FROM THE CONSOLIDATED TOTALS. Each factor is a ratio of the total within
Oklahoma to the total everywhere. For income apportioned to Oklahoma, there is to be added all income separately
allocated to Oklahoma with the result being Oklahoma taxable income. 68 OS Sec. 2358
Line 1 - Federal Taxable Income
Enter Net Taxable Income from Part 1, column A, line 30.
Line 2 - Additions
Deductions relating to income that is separately allocated shall not be allowed and will be entered here.
Rents and interest expenses paid to a captive real estate investment trust and deducted on your federal return must be
added back to compute Oklahoma taxable income. Such add-back is not required if the captive real estate investment
trust is subject to the add-back for the dividends-paid deduction. See “Captive Real Estate Investment Trusts” on page 7.
Line 3 - Deductions
Income from U.S. obligations (see page 8, Part 1 instructions) and net income separately allocated (oil and gas
production, mining, farming, pass-through entities or rentals) will be entered here. Gains or losses from sale of intangible
personal property that is directly allocated should also be entered here.
Line 6 - Oklahoma Additions and Deductions
Income separately allocated to Oklahoma should be entered here. (Examples: interest income from state obligations
or political subdivisions, oil and gas production, mining, farming, rentals, the Oklahoma distributable income from passthroughs, etc.)
If you are a member, either directly or indirectly, of an electing PTE, provide a schedule listing the PTE, FEIN, federal
taxable income (loss) and Oklahoma taxable income (loss) in line 1 that is covered by the election pursuant to the
provisions of the Pass-Through Entity Act of 2019 (68 OS Sec. 2355.1P-4).

	

E-file your 512 right now! Visit tax.ok.gov for approved electronic filing products.	

9

2023 OKLAHOMA CORPORATION TAX PACKET
Line 8 - Oklahoma Accrued Tax
Oklahoma accrued tax is computed by dividing line 7 (Oklahoma Net Income before Oklahoma Income Tax) by 26.
When filing a consolidated return, complete Form 512-TI. The accrual of Oklahoma state income tax must be made after
the combination of the income and loss from all companies included in the combination. The accrued tax cannot be less
than zero.
When credits are allowed, the accrual of Oklahoma tax will not be allowed on the amount of Oklahoma taxable income
that is covered by the credit. Tax accrual is allowed on the amount of income for which tax is actually paid. The following
example shows how the accrual should be calculated. A schedule, like the example, should be provided and submitted
with Form 512.

Computation of Tax Accrual When Tax Credits Are Allowable
1. Oklahoma income before tax accrual	
2. Allowable Oklahoma credits	
	
	
	
	

Computation of accrued tax allowed
A. Oklahoma income (line 1 above)	
B. Line 2 above divided by 4%
	
C. Subtract line B from line A	
D. Divide line C by 26	
	 (If line D is less than zero, enter “0”)

3. Subtract line D from line 1 above	

100,000
3,000
100,000
75,000
25,000
962
99,038

	 (Enter line 3 above on Page 1, line 1 of your O
	 klahoma Corporation Income Tax Form 512)
	
	
	

Total tax due	 3,962
Tax accrual allowed	
962
Tax credit allowed	 3,000

PAGES ONE AND TWO - SECTION ONE: INCOME TAX
Line 2 - Tax
The income tax rate is 4%.
Recapture of Oklahoma Affordable Housing Tax Credit
If under IRC Section 42 a portion of any federal low-income housing credits taken on a qualified project is required to be
recaptured during the first 10 years after a project is placed in service, the taxpayer claiming Oklahoma Affordable Housing
Tax Credits with respect to such project shall also be required to recapture a portion of such credits. The amount of
Oklahoma Affordable Housing Tax Credits subject to recapture is proportionally equal to the amount of federal low-income
housing credits subject to recapture. Add the recaptured credit to the Oklahoma income tax and enter a “1” in the box.
Making an Oklahoma Installment Payment Pursuant to IRC Section 965(h)
If a taxpayer elected to make installment payments of tax due pursuant to the provisions of subsection (h) of Section 965
of the IRC, such election may also apply to the payment of Oklahoma income tax, attributable to the income upon which
such installment payments are based. Add the installment payment to the Oklahoma income tax and enter a “2” in the
box. Provide a schedule of the tax computation. 68 OS Sec. 2368(K)
Line 3 - Other Credits
The amount of other credits as claimed on Form 511-CR should be entered on this line. Enter in the box the number that
corresponds with the credit to which you are entitled. Enter “99” if entitled to more than one credit. See below for a list of
the credits available on Form 511-CR.
If you are claiming any of the credits on Form 511-CR, provide the form, and any applicable forms or schedules, with your
Form 512 return.
Form 511-CR can be obtained from our website at tax.ok.gov.
Tax credits transferred or allocated must be reported on Form 569. Failure to file Form 569 will result in the affected
credits being denied by the OTC pursuant to 68 OS Sec. 2357.1A-2.
• 	 Oklahoma Investment/New Jobs Credit
	 Provide Form 506.
	
68 OS Sec. 2357.4 and Rule 710:50-15-74.
	

E-file your 512 right now! Visit tax.ok.gov for approved electronic filing products.	

10

2023 OKLAHOMA CORPORATION TAX PACKET
Line 3 - Other Credits (continued)
• 	 Credit for Verified Blood Donation
	
68 OS Sec. 2357.406.
• 	 Credit for Investment in a Clean-Burning Motor Vehicle Fuel Property
	 Provide Form 567-A.
	 68 OS Sec. 2357.22 and Rule 710:50-15-81.
• 	 Small Business Guaranty Fee Credit (for Banks and Credit Unions)
	 Provide Form 529.
	
68 OS Sec. 2370.1.
• 	 Credit for Tourism Development or Qualified Media Production Facility
	
68 OS Sec. 2357.34 - 2357.40.
• 	 Oklahoma Local Development and Enterprise Zone Incentive Leverage Act Credit
	
68 OS Sec. 2357.81.
• 	 Credit for Qualified Rehabilitation Expenditures
	 68 OS Sec. 2357.41 and Rule 710:50-15-108.
• 	 Credit for Electricity Generated by Zero-Emission Facilities
	
68 OS Sec. 2357.32A.
• 	 Credit for Financial Institutions Making Loans under the Rural Economic Development Loan Act
	
68 OS Sec. 2370.1.
• 	 Credit for Strategic Industrial Development Enhancement (SIDE) Projects
	
68 OS Sec. 2357.105.
• 	 Credit for Railroad Modernization
	
68 OS Sec. 2357.104 and Rule 710:50-15-103.
• 	 Credit for Biomedical Research Contribution
	
68 OS Sec. 2357.45 and Rule 710:50-15-113.
• 	 Credit for Employers in the Aerospace Sector
	 Provide Form 565.
	 68 OS Sec. 2357.301, 2357.302 and 2357.303 and Rule 710:50-15-109.
•	 Credit for Cancer Research Contribution
	
68 OS Sec. 2357.45 and Rule 710:50-15-113.
•	 Oklahoma Capital Investment Board Tax Credit
	
74 OS Sec. 5085.7.
•	 Credit for Contributions to a Scholarship-Granting Organization
	
68 OS Sec. 2357.206 and Rule 710:50-15-114.
•	 Credit for Contributions to an Educational Improvement Grant Organization
	
68 OS Sec. 2357.206 and Rule 710:50-15-115.
•	 Credit for Venture Capital Investment
	 Provide Form 518-A or 518-B.
	 68 OS Sec. 2357.7 & 8 and Rule 710:50-15-77 & 78.
•	 Oklahoma Affordable Housing Tax Credit
	 68 OS Sec. 2357.403.
•	 Credits for Employers in the Vehicle Manufacturing Industry
	 Provide Form 585.
	 68 OS Sec. 2357.404 and Rule 710:50-15-116
•	 Credit for Oklahoma Rural Jobs
	 68 OS Sec. 3930 - 3937
•	 Credits for Contributions to an Eligible Public School Foundation or Public School District
	 68 OS Sec. 2357.206 and Rule 710:50-15-115

	

E-file your 512 right now! Visit tax.ok.gov for approved electronic filing products.	

11

2023 OKLAHOMA CORPORATION TAX PACKET
Line 7 - Oklahoma Withholding
	
1.	 Enter the Oklahoma income tax withheld from your royalty payments.
	

2.	 Oklahoma income tax is withheld from distributions made by PTEs to nonresident members, unless such
nonresident member has filed a withholding exemption affidavit (Form OW-15). If you are a nonresident member
of a PTE who has not filed an affidavit, Oklahoma income tax should have been withheld on distributions of
Oklahoma taxable income. Enter the Oklahoma income tax withheld on your distribution.

Provide the Form 500-A, Form 1099-MISC, Form 500-B, Form K-1 or other documentation to substantiate Oklahoma
withholding.
Line 8 - Refundable Credits
Credit from Form 578.
If claiming the Refundable Credit for Electricity Generated by Zero-Emission Facilities, provide Form 578. Credits
earned, but not used, based on electricity generated during the tax year may be refunded to the taxpayer at 85% of the
face amount of the credits. A PTE that does not file a claim for a direct refund may allocate the credit to one or more of its
shareholders, partners or members.
Line 14 - Underpayment of Estimated Tax Interest
All corporations are required to make estimated tax payments if the tax liability is $500 or more. To avoid the 20%
Underpayment of Estimated Tax Interest, timely filed estimated tax payments are required to be equal to the smaller of
70% of the current year tax liability or 100% of your prior year tax. The tax liability is the tax due less all credits except
amounts paid on estimated tax and extension payments.
Place an “X” in the box if the underpayment of estimated tax was computed using the annualized income installment
method.
Note: No Underpayment of Estimated Tax Interest shall be imposed if the tax liability shown on the return is less than
$1,000. Provide Form OW-8-P.
If an amended return is filed before the due date for filing the original return, including any extension, the tax shown on
the amended return is used to determine the amount of underpayment. If the amended return is filed after the due date,
including extension, the tax shown on the amended return will not be used to compute the amount of underpayment.
Line 15 - Delinquent Penalty and Interest
Interest at the rate of 1.25% per month shall be paid on the tax due from the original due date until paid. To avoid a
delinquent penalty charge of 5% for late payment, 90% of the tax liability must be paid by the original due date of
the return.
NOTE: If a combined Corporate Income and Franchise Tax Return is not being filed, skip the “Franchise
Tax Instructions” and go to the “Page Two, Section Three: Total” instructions on page 14.

LINE BY LINE INSTRUCTIONS: FRANCHISE TAX
PAGES TEN THROUGH THIRTEEN: ANNUAL FRANCHISE TAX RETURN
First Step

Complete Schedules B, C and D and Balance Sheet on Form 512, pages 12 and 13. (Provide with annual return.)
Balance Sheet Instructions (page 13)
Lines 1 – 3
Cash, notes, accounts receivable, and inventories are to be reported at book value.
Line 4
United States, municipal, commercial and other bonds owned by the corporation.
Line 5
Prepaid expenses and deferred charges are to be included as assets at book value.
Line 8
Stock or other evidence of ownership in subsidiary organizations as shown on the corporation’s books of account.
Lines 9b, 10b, 11b.
If accumulated depreciation and depletion appear to be excessive, the excess may be disallowed.

	

E-file your 512 right now! Visit tax.ok.gov for approved electronic filing products.	

12

2023 OKLAHOMA CORPORATION TAX PACKET
First Step (continued)

Line 13
Patents, trademarks, copyrights, etc., and franchises are to be included as assets to the extent of their cost. In the case
of a definite term franchise, the cost thereof may be amortized over its life. Goodwill is an asset and should be shown at
book value. All intangibles, including cash, are to be apportioned wholly to Oklahoma unless a commercial or business
location for the intangibles has been established elsewhere.
Line 14
Life insurance, where the reporting taxpayer is beneficiary, is to be shown at cash surrender value.
Line 15
Total net amount of lines 6 through 14.
Line 18
Total lines 15, 16, and 17.
Line 20
Reserves for taxes are allowed to the extent such taxes are unpaid. Deferred credits are included in capital employed
unless they can be shown to be actual liabilities.
Line 21
Current liability includes indebtedness payable in three years or less after issuance.
Line 26
Stockholder loans must be repaid within three years of creation to be considered a current liability. Contingent assets or
liabilities should not be included unless fully explained and the condition under which they become actual is clearly set forth.
Line 32
Total lines 23 through 31. The amounts as shown by the books of account shall be the measure of value of the assets and
liabilities, except when the items on the books of account are in error or lack sufficient detail to truly reflect the amount of
capital invested and employed in the business.

Second Step

Complete the Oklahoma Annual Franchise Tax Return (Page 10).
Item A: Enter the taxpayer FEIN.
Item B: Enter the account number issued by the OTC beginning with “FRX” followed by ten digits. If no number has been
issued, leave blank.
Item C: Place an “X” in the box if your mailing address has changed. Write your new address in the space provided in
Item C.
Item D: Enter your balance sheet date (MM/DD/YY) of your most recent income tax accounting year. Do NOT leave blank.
Lines 1-11 (except 9) are derived from your balance sheet (page 13).
Line 9 - Percent of Oklahoma Assets
Select which option you will use to determine the apportionment of Oklahoma assets.
Option 1:	 Percent of Oklahoma assets and business done to total assets and business done (line 6 divided by line 8).
Round to six decimal points.
Option 2:	 Percent of Oklahoma assets to total net assets (line 1 divided by line 2). Round to six decimal points.
Line 12 - Tax
Compute tax at $1.25 per $1,000.00 of capital, either line 4 or line 11. If tax is more than $20,000.00, enter $20,000.00 on
line 12. You are exempt from paying tax if your tax liability is $250.00 or less; however, a return must still be filed.
Note: Corporations paying the maximum franchise tax of $20,000.00 this year will be required to file a stand-alone
Franchise Tax Return (Form 200) next year. A combined corporate income and franchise tax return will not be allowed.
Line 13 - Registered Agent Fee
If the corporation originated in a state other than Oklahoma, the Oklahoma Secretary of State charges an annual
registered agent fee of $100.00 which is collected on the franchise tax return.
Line 14 - Interest
Tax not paid by the original due date is subject to 1.25% interest per month from the due date until it is paid. Multiply the
amount in line 12 by .0125 for each month the tax is unpaid.
	

E-file your 512 right now! Visit tax.ok.gov for approved electronic filing products.	

13

2023 OKLAHOMA CORPORATION TAX PACKET
Second Step (contined)

Line 15 - Penalty
Tax not paid by the original due date is subject to a penalty of 10%. Multiply the amount in line 12 by .10 to determine the
penalty.
Line 16 - Reinstatement Fee
If your corporate charter has been suspended, you must file a separate franchise return, Form 200, and meet all
outstanding filing and payment obligations in order to be reinstated. A $150.00 reinstatement fee is also required. Only
one reinstatement fee is required even if multiple past due returns are being filed.
Note: To expedite the reinstatement of your corporation, the fee can be paid online through your OkTAP franchise account
or by using our online payment service.
Line 17 - Previous Payment
Enter any estimated franchise tax paid with Form 504-C. If filing an amended return, enter any franchise tax paid with the
original return and amounts paid after it was filed.
Line 18 - Overpayment
Add the amounts from lines 12 through 16. If the result is less than the amount on line 17, subtract line 17 and enter the
difference (overpayment) on line 18.
Line 19 - Total Due
Add the amounts from lines 12 through 16. If the result is larger than the amount on line 17, subtract line 17 and enter the
difference (tax due) on line 19.

Third Step

Schedule A: Officer Information (Page 11)
Enter the effective date of officers. Failure to provide this information could result in the corporation being suspended.

PAGE TWO - SECTION TWO: FRANCHISE TAX
To complete lines 17-24, use the figures from page 10, lines 12-19 or, if consolidated, use Form 512-FT.

LINE BY LINE INSTRUCTIONS: INCOME TAX AND FRANCHISE TAX
PAGES TWO AND THREE - SECTION THREE: TOTAL
All corporations complete Section Three: Total
Combine Income Tax and Franchise Tax. If there is a balance due, complete line 25. If there is an overpayment, complete
lines 26-30.
Line 28 - Donations
You have the opportunity to make a financial gift from your refund to a variety of Oklahoma organizations. Enter the
amount of your donation and place the number of the organization in the box on line 28 of Form 512. If you give to more
than one organization, put a “99” in the box and attach a schedule showing how you would like your donation split.
1 	 Support of Programs for Volunteers to Act as Court Appointed Special Advocates for Abused or Neglected Children
You may donate from your tax refund to support programs for volunteers to act as Court Appointed Special Advocates for
abused or neglected children. Donations will be placed in the Income Tax Checkoff Revolving Fund for Court Appointed
Special Advocates. Monies will be expended by the Office of the Attorney General for the purpose of providing grants
to the Oklahoma CASA Association. If you are not receiving a refund, you may still donate. Mail your contribution to:
Oklahoma CASA Association, Inc., PO Box 54946, Oklahoma City, OK 73154.
	 2 Y.M.C.A. Youth and Government Program
You may donate from your tax refund to support the Oklahoma chapter of the Y.M.C.A. Youth and Government program.
Monies donated will be expended by the State Department of Education for the purpose of providing grants to the Program
so young people may be educated regarding government and the legislative process. If you are not receiving a refund,
you may still donate. Mail your contribution to: Oklahoma State Department of Education, Y.M.C.A. Youth and Government
Program, Office of the Comptroller, 2500 North Lincoln Boulevard, Room 415, Oklahoma City, OK 73105-4599.

	

E-file your 512 right now! Visit tax.ok.gov for approved electronic filing products.	

14

2023 OKLAHOMA CORPORATION TAX PACKET

	 3 Support the Wildlife Diversity Fund
You may donate from your tax refund to help conserve rare or declining fish and wildlife along with common species not
hunted or fished. Donations to the Oklahoma Department of Wildlife Conservation’s Wildlife Diversity program supports
field surveys of animals considered to be of greatest conservation need, as well as educational wildlife programs for
all Oklahomans. Tax deductible donations to the Wildlife Diversity Fund also can be made at wildlifedepartment.com
or by mail: Oklahoma Department of Wildlife Conservation, Re: Wildlife Diversity Fund, PO Box 53465, Oklahoma City,
Oklahoma 73152.
	 4 Oklahoma Silver Haired Legislature and Alumni Association Programs
You may donate from your tax refund to support the Oklahoma Silver Haired Legislature and their Alumni Association
activities. The Oklahoma Silver Haired Legislature was created in 1981 as a forum to educate senior citizens in the
legislative process and to highlight the needs of older persons to the Oklahoma State Legislature. Monies generated from
donations will be used to fund expenses of the Silver Haired Legislators, training sessions, interim studies and advocacy
activities. If you are not receiving a refund, you may still donate. Mail your contribution to: Oklahoma Silver Haired
Legislature and Alumni, PO Box 25352, Oklahoma City, OK 73125.
Line 30 - Refund
Complete the direct deposit section on the tax return to have the refund deposited into your account at a bank or other
financial institution. See “Direct Deposit Information” on page 16 for details.

WHEN YOU ARE FINISHED
Payments may be made electronically online using OkTAP at tax.ok.gov or by check or money order payable to
“Oklahoma Tax Commission.” For proper account application, provide a completed Form EF-V (Business Filers Income
Tax Payment Voucher) or Form OW-8-ESC (Oklahoma Corporate, Fiduciary and Partnership Estimated Tax Coupon) with
your check or money order. Estimated income tax payments should be made separately. Do not include a copy of your
return with your mailed payment.
Mailed payments should be sent to : 	
	
	

	

Oklahoma Tax Commission
PO Box 26890
Oklahoma City, OK 73126-0890

E-file your 512 right now! Visit tax.ok.gov for approved electronic filing products.	

15

2023 OKLAHOMA CORPORATION TAX PACKET
GET YOUR REFUND FASTER. USE DIRECT DEPOSIT!
Complete the direct deposit section on the tax return to have the refund directly deposited into your account at a
bank or financial institution. Refunds, with limited exceptions, must be made by direct deposit.

	
	
	

1
2
3

Place an ‘X’ in the appropriate box as to whether the refund will be going into a checking or savings
account. Keep in mind you will not receive notification of the deposit.
Enter your routing number. The routing number must be nine digits. Using the sample check shown
below, the routing number is 120120012. If the first two digits are not 01 through 12 or 21 through
32, the direct deposit will fail to process.
Enter your account number. The account number can be up to 17 characters (both numbers and 	
letters). Include hyphens but omit spaces and special symbols. Enter the number from left to right.
On the sample check shown below, the account number is 	2020268620.

Please Note: The OTC is not responsible if a financial institution refused a direct deposit. If a direct deposit is refused, a
check will be issued to the address shown on the tax return.
WARNING! Due to electronic banking rules, the OTC will NOT allow direct deposits to or through foreign financial
institutions. If you use a foreign financial institution, you will be issued a paper check.

1234

JOE SMITH
SUSIE SMITH
123 Main Street
Anyplace, OK 00000

Routing
Number

PAY TO THE
ORDER OF

15-0000/0000

SAMPLE

$

Account
Number

DOLLARS
ANYPLACE BANK
Anyplace, OK 00000
For

:120120012 : 2020268620

SAMPLE
1234

Note: The routing
and account numbers
may appear in
different places on
your check.

THE OKLAHOMA TAX COMMISSION IS JUST ONE CLICK AWAY
FOR YOUR CONVENIENCE, 24/7

tax.ok.gov
Location

Oklahoma City: 300 North Broadway Ave.
Monday - Friday 7:30 a.m. - 4:30 p.m.

Taxpayer Resource Center

Stay Connected

Monday - Friday 8:00 a.m. - 5:30 p.m.
405.521.3160

	

E-file your 512 right now! Visit tax.ok.gov for approved electronic filing products.	

16

Form 512
2023

State of Oklahoma

Corporation Income and Franchise Tax Return

FOR INFORMATIONAL PURPOSES ONLY - MUST BE FILED ELECTRONICALLY
For the year January 1 - December 31, 2023, or other taxable year beginning:		ending:	
2023
Name of Corporation

Federal Employer Identification Number

Business Code Number

Street Address

City

State or Province

Other

Place an ‘X’ if: 	
Notice:
	
	
	
	

	

(1)	

Initial Return	

ZIP or Foreign Postal Code:

TYPE OF RETURN FILED

STATE OF INCORPORATION

Oklahoma

Country

SEPARATE

CONSOLIDATED

Oklahoma	

or

Federal	

or

(2)	

Final Return	

(page 4 of
instructions)

(3)	

Extension - If you have applied for an extension

from the IRS, place an ‘X’ here and provide a copy.

Amended Return (See Schedule 512-X on page 14)

Corporations should NOT complete the franchise tax portion of the return for the following reasons:
•	 Filing a stand-alone Oklahoma Annual Franchise Tax Return (Form 200).
•	 Not required to file a franchise return.
•	 Remitted the maximum amount of franchise tax for the preceding tax year.

Notice:	 Enter the amount of Oklahoma net operating loss as shown on
Part 1, line 29(a) or Part 2, line 6(e).........................Loss year(s):	

00

................. $

SECTION ONE: INCOME TAX
	1	 Oklahoma taxable income (as shown on Part 1 or 2, or if consolidated, from Form 512-TI)..................................... 	1

00

	 2	 Tax: 4% of line 1 (If recapturing the Oklahoma Affordable Housing Tax Credit, add the recaptured credit here and
		 enter a “1” in the box. If making an Oklahoma installment payment pursuant to IRC Sec. 965(h) and
		 68 OS Sec. 2368(K), add the installment payment here and enter a “2” in the box)...............................	2

00

	3	 Less: Other Credits Form (total from Form 511-CR) (see instructions)..................................................	

3

00

	4	 Balance of tax due (line 2 minus line 3, but not less than zero)................................................................................. 	4

00

	5	 2023 Oklahoma estimated tax payments (i.e. Form(s) OW-8-ESC and
		 prior year overpayment carryforward).................................................................... 	5

00

6		 Amount paid with extension request...................................................................... 	6

00

7		 Oklahoma withholding (provide Form 1099, 500-A or other withholding statement)	7

00

	 8	 Refundable Credits from Form 578........................................................................ 	 8

00

	 9	 Amount paid with original return and amount paid after it was filed
		 (amended return only)............................................................................................ 	9

00

	10	 Any refunds or overpayment applied (amended return only)................................. 	10

(	)

	11	 Total of lines 5 through 10.......................................................................................................................................... 	11

00

	12	 Overpayment (line 11 minus line 4)................................................................................................ Overpayment	12

00

2023 Form 512 - Corporation Income and Franchise Tax - Page 2

FOR INFORMATIONAL PURPOSES ONLY - MUST BE FILED ELECTRONICALLY
Name Shown on Form 512:

FEIN:

SECTION ONE: INCOME TAX
		13	

Tax Due (line 4 minus line 11)......................................................................................................... Income Tax Due	13

00

	14	 Underpayment of estimated tax interest........................................................................................ Annualized	14

00

	15	 For delinquent payment add penalty of 5%.....................................$_______________________________ . plus
		 interest of 1.25% per month...............................................................$_______________________________ ......... 	15

00

	16	 Total tax, penalty and interest
		 (add lines 13 - 15)....................................................................................................... Income Tax Balance Due	16

00

SECTION TWO: FRANCHISE TAX

Place an “X” here if filing a combined corporate income and franchise tax return
and complete Section Two. Corporations filing a Form 200 will skip Section Two
and complete Section Three.

To complete lines 17-24, use the figures from page 10, lines 12-19 or, if consolidated, use Form 512-FT.

	

	17	 Tax.................................................................................................................................................................................17

00

	18	 Registered Agents Fee..................................................................................................................................................18

00

	19	 Interest..........................................................................................................................................................................19

00

	20	 Penalty..........................................................................................................................................................................20

00

	21	 Reinstatement Fee........................................................................................................................................................21

00

	22	 Previous Payment.........................................................................................................................................................22

(	) 00

	23	 Overpayment........................................................................................................ Franchise Tax Overpayment	23

00

	24	 Total Due......................................................................................................................... Franchise Tax Balance 	24

00

SECTION THREE: TOTAL - All corporations complete Section Three. Combine Income Tax and Franchise Tax. If
there is a net balance due, complete line 25. If there is a net overpayment, complete lines 26-30.
			Balance Due
	25	 Total Balance Due.................................................................................................................................Balance Due	25

00

			Overpayment
	26	 Total Overpayment..................................................................................................................................................... 	26
	27	 Amount of line 26 to be credited to 2024 estimated income tax
		(original return only)........................................................................................... 	27

00

00

2023 Form 512 - Corporation Income and Franchise Tax - Page 3

FOR INFORMATIONAL PURPOSES ONLY - MUST BE FILED ELECTRONICALLY
Name Shown on Form 512:

FEIN:

00

Amount from line 27 on page 2
Line 28 provides you the opportunity to make a donation from your tax refund to a variety of Oklahoma
organizations. Place the line number of the organization from the line 28 instructions in the box below and
enter the amount you are donating. If giving to more than one organization, put a “99”  in the box and attach a
schedule showing how you would like your donation split.

	

	 28	 Donations from your refund................................ 	$2	 $5	 $____________________ 		28

00

	 29	 Total (add lines 27 and 28)............................................................................................................................................................. 	29

00

	 30	 Amount of line 26 to be refunded to you (line 26 minus line 29)....................................................................................Refund	30

00

Direct Deposit Note:

Is this refund going to or through an account that is located outside of the United States?

All refunds must be by direct deposit.
See Direct Deposit Information on
page 16 of the 512 Packet for details.

Deposit my refund in my:

Checking Account

Yes

No

Savings Account

Routing Number:
Account Number:

Make check payable to the
Oklahoma Tax Commission

If the Oklahoma Tax Commission may discuss this return with your tax preparer, place an ‘X’ here:

Under penalties of perjury, I declare I have examined this return, including any accompanying schedules and statements, and to the best of my knowledge and belief,
it is true, correct and complete. If prepared by person other than the taxpayer, this declaration is based on all information of which preparer has any knowledge.
Signature of Officer	

Printed Name of Officer

Title	

	

	

	

Date

Officer Email Address

Phone Number

Signature of Preparer				Date

Printed Name of Preparer

Preparer Email Address

Phone Number				Preparer’s PTIN

Provide a complete copy of federal return.
The Oklahoma Tax Commission is not required to give actual notice to taxpayers of changes in any state tax law.

2023 Form 512 - Corporation Income and Franchise Tax - Page 4

FOR INFORMATIONAL PURPOSES ONLY - MUST BE FILED ELECTRONICALLY
Name Shown on Form 512:

PART 1

FEIN:

Part 1, Column B is for corporations whose income is all within Oklahoma and/or for corporations whose income
is partly within and partly without Oklahoma (not unitary). Provide a complete copy of your Federal return.

Important:  All applicable lines and schedules must be filled in.
GROSS INCOME (