Section 13-65-7 – Promulgation of rules.
13-65-7. Promulgation of rules. The secretary of the Department of Labor and Regulation shall promulgate rules, pursuant to chapter 1-26, establishing annual timelines for the notifications, verifications, and other procedures required of the insurance companies seeking a tax credit pursuant to §13-65-2. Source: SL 2016, ch 102, §7.
Section 13-65-8 – Receipts for contributions–Reporting of each contribution.
13-65-8. Receipts for contributions–Reporting of each contribution. The division shall provide a standardized format for a receipt to be issued by the scholarship granting organization to a company to indicate the value of a contribution received. The division shall require a company to provide a copy of this receipt when claiming the tax credit established […]
Section 13-65-9 – Annual report of contributions.
13-65-9. Annual report of contributions. The division shall provide a standardized format for the scholarship granting organization to report the information in subdivision 13-65-4(10). Any information provided relating to the identity of a taxpayer that provides an eligible contribution pursuant to this chapter shall remain confidential unless the company deems otherwise. Source: SL 2016, ch […]
Section 13-65-10 – Financial review or audit.
13-65-10. Financial review or audit. The auditor general may conduct either a financial review or audit of the scholarship granting organization if it possesses evidence of fraud. Source: SL 2016, ch 102, §10.
Section 13-65-11 – Applicability of chapter.
13-65-11. Applicability of chapter. The tax credit provided for in this chapter may be first claimed on the annual premium tax return filed in 2017. Source: SL 2016, ch 102, §11.
Section 13-65-12 – Regulatory authority over nonpublic schools not expanded.
13-65-12. Regulatory authority over nonpublic schools not expanded. The program established pursuant to this chapter does not expand the regulatory authority of the state or the state’s officers to impose additional regulation of nonpublic schools beyond those necessary to enforce the requirements of this chapter. Source: SL 2016, ch 102, §12.
Section 13-65-3.1 – Tax credits reducing quarterly payments.
13-65-3.1. Tax credits reducing quarterly payments. Any company may claim a premium tax credit as provided in §13-65-2 to reduce quarterly payments required by §10-44-2. Claims for tax credits on quarterly payments shall be reported to the Division of Insurance on a form prescribed by the director. Pursuant to §13-65-8, a company must report the […]
Section 13-65-4 – Requirements for scholarship granting organizations.
13-65-4. Requirements for scholarship granting organizations. Each scholarship granting organization shall: (1)Annually notify the division of its intent to provide educational scholarships to eligible students attending qualifying schools; (2)Demonstrate to the division that it has been granted exemption from the federal income tax pursuant to section 501(c)(3) of the Internal Revenue Code; (3)Distribute periodic scholarship […]
Section 13-65-5 – Annual financial information reports.
13-65-5. Annual financial information reports. The scholarship granting organization shall demonstrate financial accountability by annually submitting to the auditor general a financial information report that complies with uniform financial accounting standards and is the result of an audit conducted by a certified public accountant and by having the auditor certify that the report is free […]
Section 13-65-6 – Responsibilities of eligible students and their parents.
13-65-6. Responsibilities of eligible students and their parents. The responsibilities of an eligible student and an eligible student’s parent in participating in the program include the following: (1)An eligible student’s parent shall select a qualifying school and apply for admission of the eligible student; (2)An eligible student participating in the program shall remain in attendance […]