Who can claim the Biomedical Research Tax Credit?
Any Oklahoma taxpayer (including individuals, corporations, estates, trusts and partnerships) who makes a donation to OMRF may claim this credit on their state income tax return. Will I be able to claim this tax credit on my federal income tax return? No. However, you may still claim your donation to OMRF as a tax deduction on your federal return just as you do any other charitable contribution. How do I claim the Biomedical Research Tax Credit on my Oklahoma income tax return? Enter the amount of the total credit on line 38 of Oklahoma state income tax Form 511CR (Other Credits Form) and provide with the state tax return. You can find and print out a copy of Form 511CR at http://www.tax.ok.gov/it2009/511CR-09.pdf. The Oklahoma State Income Tax Form 511 for 2009 can be found at http://www.tax.ok.gov/it2009/511-PKT-09.pdf. Do I need to submit a receipt from OMRF along with my return? Yes, if you are filing a traditional paper return, a copy of the canceled check or OMRF receipt must be
