§ 44-62-3 - Application for the tax credit program.
SECTION 44-62-3
§ 44-62-3 Application for the tax creditprogram. – (a) Prior to the contribution, a business entity shall apply in writing to thedivision of taxation. The application shall contain such information andcertification as the tax administrator deems necessary for the properadministration of this chapter. A business entity shall be approved if it meetsthe criteria of this chapter; the dollar amount of the applied for tax creditis no greater than one hundred thousand dollars ($100,000) in any tax year, andthe scholarship organization which is to receive the contribution has qualifiedunder § 44-62-2.
(b) Approvals for contributions under this section shall bemade available by the division of taxation on a first-come-first-serve basis.The total aggregate amount of all tax credits approved shall not exceed onemillion dollars ($1,000,000) in a fiscal year.
(c) The division of taxation shall notify the business entityin writing within thirty (30) days of the receipt of application of thedivision's approval or rejection of the application.
(d) Unless the contribution is part of a two-year plan, theactual cash contribution by the business entity to a qualified scholarshiporganization must be made no later than one hundred twenty (120) days followingthe approval of its application. If the contribution is part of a two-yearplan, the first year's contribution follows the general rule and the secondyear's contribution must be made in the subsequent calendar year by the samedate.
(e) The contributions must be those charitable contributionsmade in cash as set forth in the Internal Revenue Code.