Under the provisions of 68 O.S. § 2357.1A-1 [HB 1284, First Regular Session of the 53rd Legislature (2011)] taxpayers are required to report to the Oklahoma Tax Commission, on an annual basis, the amount of and the statutory basis for each credit that may be transferred or allocated. If the credit is transferable, the report will include whether the credit will or may be transferred, and the name of the taxpayer to whom the credit is transferred. The report will also include whether the credit will or may be allocated by a pass-through entity and the identity of the transferee. If a taxpayer fails to file the report as required, the Tax Commission will disallow the tax credit; however, upon filing of the report, the credit will be allowed.