§ 44-62-1. Tax credit for contributions to a scholarship organization — General. In order to enhance the educational opportunities available to all students in this state, a business entity will be allowed a tax credit to be computed as provided in this chapter for voluntary cash contribution made by the business entity to a qualified […]
§ 44-62-2. Qualification of scholarship organization. A scholarship organization must certify annually by December 31st to the division of taxation that the organization is eligible to participate in the program in accordance with criteria as defined below: (1) “Eligible student” means a school-age student who is registered in a qualified school and is a member […]
§ 44-62-3. Application for the tax credit program. (a) Prior to the contribution, a business entity shall apply in writing to the division of taxation. The application shall contain such information and certification as the tax administrator deems necessary for the proper administration of this chapter. A business entity shall be approved if it meets […]
§ 44-62-4. Calculation of tax credit and issuance of tax credit certificate. (a) When the contribution has been made as set forth in section 3 above, the business entity shall apply to the division of taxation for a tax credit certificate. The application will include such information, documentation, and certification as the tax administrator deems […]
§ 44-62-5. Limitations. (a) The credit shall not exceed one hundred thousand dollars ($100,000) annually per business entity. (b) The tax credit must be used in the tax year the contribution was made. Any amounts of unused tax credit may not be carried forward. The tax credit is not refundable, assignable or transferable. The tax […]
§ 44-62-6. Definitions. The following words and phrases used in this chapter shall have the meanings given to them in this section unless the context clearly indicates otherwise: (1) “Business entity” means an entity authorized to do business in this state and subject to taxes imposed under chapters 44-11, 44-13, 44-14, 44-15 and 44-17 of […]
§ 44-62-7. Miscellaneous — Lists. By June 30 of each year, the division of taxation shall annually publish in print and on the division of taxation’s website a list of all qualified scholarship organizations under § 44-62-4. The list will indicate which scholarship organizations received contributions from business entities for which tax credits were authorized […]
