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Oklahoma Credit for Employees in the Aerospace Sector (you will also need Form 511CR)
Extracted from PDF file 2023-oklahoma-form-564.pdf, last modified December 2009Credit for Employees in the Aerospace Sector (you will also need Form 511CR)
Credit for Employees in the Aerospace Sector Name as Shown on Return (Qualified Employee): FORM State Of Oklahoma 564 2 0 2 3 Social Security Number: General Information A $5,000 credit is allowed to a qualified employee who, on or after January 1, 2009, is employed in Oklahoma by or contracting in Oklahoma with a qualified employer whose principal business activity is in the aerospace sector. The credit is allowed each year for up to the first five years. To qualify for the credit the employee may not have been employed in the aerospace sector in Oklahoma immediately preceding employment or contracting with a qualified employer. For the complete definition of “Qualified Employee” see page 2. Part 1 – Qualified Employer Name: _____________________________________________________ FEIN:_____________________________ Dates Employed in Oklahoma: (from ________________________________ to ______________________________ ) MM/DD/YYYY MM/DD/YYYY Part 1 Instructions: Enter the name and Federal Employer Identification Number of your qualified employer. Enter the employment dates in Oklahoma with such employer. Part 2 – College, University or License Name: _____________________________________________________ Date Graduated: ____________________ Location (City and State): _________________________________________________________________________ Qualified Program (ABET accredited):_______________________________________________________________ Degree Level: ___________________________ Professional Engineer License Number:_______________________ Part 2 Instructions: Enter the name and the location of the institution from which you received your engineering degree. Enter the date graduated from the Qualified Program. Enter the qualified program name and type of degree (undergraduate or graduate) earned. To be eligible for the credit, the undergraduate and/or graduate program of the same discipline of engineering at an institution must have been accredited by the Engineering Accreditation Commission of the Accreditation Board for Engineering and Technology (ABET) on the date the taxpayer graduated. If this is the first year you are claiming the credit, provide proof of your engineering degree, such as a copy of your diploma and/or transcript. If applicable, enter your professional engineer license number, as provided by the Oklahoma State Board of Licensure for Professional Engineers and Land Surveyors. Part 3 – Credit Computation 1. Credit for Employment during Tax Year 2023..................................................................... 2. Unused Carryover Credit from Tax Year(s) ________________________________ ....... 3. Total Credit Available for Tax Year 2023 (Add lines 1 and 2; enter here and on Form 511-CR)......................................................... Part 3 Instructions: Line 1. Enter $5,000 if you are in your first five years of employment in Oklahoma with a qualified employer. The credit is allowed each year for up to five taxable years. Line 2. Enter the credit(s) allowed but not used in prior years. Any unused credits may be carried over, in order, for up to five years from the date the credit was originally established. Enter the tax year(s) when the credit was originally established. Line 3. This is the amount of credit allowed this year. If the credit available exceeds your tax, you may carry over any unused credit for a period not to exceed five years from the date the credit was originally established. You will need to complete a Form 564 for each of the carryover years. 2023 Form 564 - Page 2 Credit for Employees in the Aerospace Sector 68 OS Sec. 2357.301 and 2357.304 and Rule 710:50-15-109 Definitions “Aerospace Sector” means a private or public organization engaged in the manufacture of aerospace or defense hardware or software, aerospace maintenance, aerospace repair and overhaul, supply of parts to the aerospace industry, provision of services and support relating to the aerospace industry, research and development of aerospace technology and systems, and the education and training of aerospace personnel. “Institution” means an institution within The Oklahoma State System of Higher Education or any other public or private college or university that is accredited by a national accrediting body. “Qualified Employer” means a sole proprietor, general partnership, limited partnership, limited liability company, corporation, other legally recognized business entity, or public entity whose principal business activity involves the aerospace sector. “Qualified Employee” means any person, regardless of the date of hire, employed in Oklahoma by or contracting in Oklahoma with a qualified employer on or after January 1, 2009. This individual must have been awarded an undergraduate or graduate degree from a qualified program by an institution and was not employed in the aerospace sector in Oklahoma immediately preceding employment or contracting with a qualified employer. Provided, the definition will not be interpreted to exclude any person who was employed in the aerospace sector, but not as a full-time engineer, prior to being awarded an undergraduate or graduate degree from a qualified program by an institution or any person who has been awarded an undergraduate or graduate degree from a qualified program by an institution and is employed by a professional staffing company and assigned to work in the aerospace sector in Oklahoma. Note: Effective November 1, 2021, a qualified employee includes an individual licensed as a Professional Engineer by the State Board of Licensure for Professional Engineers and Land Surveyors pursuant to 59 OS Sec. 475.15. “Qualified Program” means a program that has been accredited by the Engineering Accreditation Commission of the Accreditation Board for Engineering and Technology (ABET) and awards an undergraduate or graduate degree. Note: Effective November 1, 2021, a qualified program includes both undergraduate and graduate programs of the same discipline of engineering at an institution if either program is ABET accredited.
2023 Form 564 Credit for Employees in the Aerospace Sector
More about the Oklahoma Form 564 Corporate Income Tax Tax Credit TY 2023
A $5,000 credit is allowed to a qualified employee who has a degree in a qualified program and who, on or after January 1, 2009, is employed in Oklahoma by or contracting in Oklahoma with a qualified employer whose principal business activity is in the aerospace sector. The credit is allowed each year for up to the first five years. To qualify for the credit the employee may not have been employed in the aerospace sector in Oklahoma immediately preceding employment or contracting with a qualified employer.
We last updated the Credit for Employees in the Aerospace Sector (you will also need Form 511CR) in January 2024, so this is the latest version of Form 564, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 564 directly from TaxFormFinder. You can print other Oklahoma tax forms here.
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TaxFormFinder has an additional 54 Oklahoma income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form 564 | Credit for Employees in the Aerospace Sector (you will also need Form 511CR) |
| Form 500-A | Information Return |
| Form 500B | Information Return - Report of Nonresident Member Income Tax Withheld |
| Form 501 | Annual Information Return (reconciliation for Forms 500, 500A and 500B) |
| Form 576 | Natural Disaster Tax Credit |
View all 55 Oklahoma Income Tax Forms
Form Sources:
Oklahoma usually releases forms for the current tax year between January and April. We last updated Oklahoma Form 564 from the Tax Commission in January 2024.
Form 564 is an Oklahoma Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Oklahoma Form 564
We have a total of twelve past-year versions of Form 564 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form 564
2023 Form 564 Credit for Employees in the Aerospace Sector
2022 Form 564
2022 Form 564 Credit for Employees in the Aerospace Sector
2021 Form 564
2021 Form 564 Credit for Employees in the Aerospace Sector
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