Oklahoma Film or Music Project Credit (you will also need Form 511CR)
Extracted from PDF file 2018-oklahoma-form-562.pdf, last modified November 2006
Film or Music Project Credit (you will also need Form 511CR)Film or Music Project Credit Name as Shown on Return (Investor) 562 FORM State Of Oklahoma 2 0 1 4 Social Security Number or Federal Employer Identification Number General Information For tax years ending before January 1, 2015, a credit is allowed equal to 25% of the amount of profit made from an investment in an existing Oklahoma film or music project produced after July 1, 2005. To qualify, the investment must be with the production company that paid for production costs of the project, and the profit earned shall be reinvested with the production company to pay for production costs of a new Oklahoma film or music project. Part 1 – Original Investment 1. Date of Investment 2. Name of Production Company 3. Federal Employer Identification Number 4. Date Production Began 5. Name and Description of Film or Music Project 6. Amount of Investment............................................ 7. Profit on Original Investment..................................... Part 2 – Reinvestment of Profits 1. Date of Reinvestment 2. Name and Description of Film or Music Project 3. Amount of Reinvestment....................................... Part 3 – Credit Computation 1. Amount of Reinvestment (Part 2, line 3)................ 2. Rate....................................................................... 3. Amount of Credit (multiply line 1 by line 2; enter here and on Form 511CR....................................................... 25% 2014 Form 562 - Page 2 Film or Music Project Credit 68 Oklahoma Statutes (OS) Sec. 2357.101 Instructions Prepare a separate Form 562, for each investment in an Oklahoma film or music project, in the tax year in which the profit is reinvested. Part One: Enter information for your investment in an existing Oklahoma film or music project. The investment must have been with a production company and used to pay for production costs. Line 1: Enter the date on which you made the investment in an existing Oklahoma film or music project. Line 2: Enter the name of the production company with which the investment was made. Line 3: Enter the Federal Identification Number of the production company with which the investment was made. Line 4: Enter the date production of the existing Oklahoma film or music project began. Line 5: Enter the name and description of the existing Oklahoma film or music project in which you invested with the production company listed on line 2. Line 6: Enter the amount of your investment. Line 7: Enter the profit you received from the project listed on line 5. “Profit” means the amount made by the taxpayer to be determined as follows: a) the gross revenues less gross expenses, including direct production, distribution and marketing costs and an allocation of indirect overhead costs, of the film or music project shall be multiplied by, b) a ratio, the numerator of which is Oklahoma production costs and the denominator of which is total production costs which shall be multiplied by, c) the percent of the taxpayer’s taxable income allocated to Oklahoma in a taxable year, and d) subtract from the result of the formula calculated from steps a through c of this paragraph the profit made by a taxpayer from investment in an existing Oklahoma film or music project in previous taxable years. Profit shall include either a net profit or net loss. Part Two: Enter information for your reinvestment of the profits, as shown on Part One, line 7. The reinvestment must be in a new Oklahoma film or music project with the same production company as listed in Part One, line 2. The investment must be used to pay for production costs. Line 1: Enter the date when your profit was reinvested into a new Oklahoma film or music project. The date must be during this tax year. Line 2: Enter the name and description of the new Oklahoma film or music project in which you invested your profit. Line 3: Enter only the portion of your profit you have reinvested in the new Oklahoma film or music project with the production company listed in Part One, line 2. Part Three: The credit is 25% of the profit which has been reinvested to pay for the production costs of a new Oklahoma film or music project. 2014 Form 562 - Page 3 Film or Music Project Credit 68 OS Sec. 2357.101 Definitions “Existing Oklahoma film or music project” means a film or music project produced after July 1, 2005. “Investment” means costs associated with the original production company. Film or music projects acquired from an original production company do not qualify as investment. “Film” means a professional single media, multimedia program or feature, including, but not limited to, national advertising messages that are broadcast on a national affiliate or cable network, fixed on film or digital video, which can be viewed or reproduced and which is exhibited in theaters, licensed for exhibition by individual television stations, groups of stations, networks, cable television stations or other means or licensed for home viewing markets. The term does not include child pornography as defined in 21 OS Sec. 1024.1(A) or obscene material as defined in 21 OS Sec. 1024.1(B)(1). “Music project” means a professional recording released on a national or international level, whether via traditional manufacturing or distributing or electronic distribution, using technology currently in use or future technology including, but not limited to, music CDs, radio commercials, jingles, cues, or electronic device recordings. “Production company” means a person who produces a film or music project for exhibition in theaters, on television or elsewhere. “Oklahoma production cost” means that portion of total production costs which are incurred with any qualified vendor. “Total production cost” includes, but is not limited to: • wages or salaries of persons who have earned income from working on a film or music project in this state, including payments to personal services corporations with respect to the services of qualified performing artists, as determined under Section 62(a) of the Internal Revenue Code, • the cost of construction and operations, wardrobe, accessories and related services, • the cost of photography, sound synchronization, lighting and related services, • the cost of editing and related services, • rental of facilities and equipment, and • other direct costs of producing a film or music project. “Qualified vendor” means an Oklahoma entity which provides goods or services to a production company and for which: • fifty percent (50%) or more of its employees are Oklahoma residents, and • fifty percent (50%) or more of gross wages, as reported on Internal Revenue Service Form W-2 or Form 1099, are paid to Oklahoma residents. For purposes of this “Qualified vendor” definition, an employee shall include a self-employed individual reporting income from a qualified vendor on Federal Form 1040. Notice Tax credits transferred or allocated must be reported on Oklahoma Tax Commission (OTC) 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.
More about the Oklahoma Form 562 Corporate Income Tax Tax Credit
We last updated the Film or Music Project Credit (you will also need Form 511CR) in February 2019, and the latest form we have available is for tax year 2018. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the Oklahoma Tax Commission. You can print other Oklahoma tax forms here.
Other Oklahoma Corporate Income Tax Forms:
|Form Code||Form Name|
|Form 564||Credit for Employees in the Aerospace Sector (you will also need Form 511CR)|
|Form 512||Corporate Income Tax Return (form and schedules)|
|514-Pckt||Partnership Information Return Packet (form and instructions)|
|512-Pckt||Corporate Income Tax Return Packet (form and instructions)|
|Form OW-8-ESC||Estimated Tax Declaration for Corporations|
Oklahoma usually releases forms for the current tax year between January and April. We last updated Oklahoma Form 562 from the Tax Commission in February 2019.
Form 562 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 562
We have a total of seven past-year versions of Form 562 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
While we do our best to keep our list of Oklahoma Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.