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006.05.521-I. Definitions

AR ADC 006.05.521-IArkansas Administrative CodeEffective: June 3, 2022

West's Arkansas Administrative Code
Title 006. Department of Finance and Administration
Division 05. Division of Revenues
Rule 521. Philanthropic Investment in Arkansas Kids Program Rules
Effective: June 3, 2022
Ark. Admin. Code 006.05.521-I
006.05.521-I. Definitions
As used in these Rules:
A. “Act” means the Philanthropic Investment in Arkansas Kids Program Act codified at Ark. Code Ann. § 6-18-2301 through -2308.
B. “Actually received” means in possession of cash, check, or notified of the initiation of electronic fund transfer.
C. “Application” or “tax credit application” means a request from an SGO to provide a Tax Credit under the Act to a Donor;
D. “Budget year” means fiscal year of the State of Arkansas;
E. “Certificate” or “certificate of income tax credit” means the formal award of a Tax Credit under the Act by the Office;
F. “Division” means the Division of Elementary and Secondary Education of the Department of Education;
G. “Donor” or “Taxpayer” means an individual, corporation, partnership, subchapter S corporation, or similar pass-through entity, estate, or trust that is required to file a return under the Arkansas Income Tax Act of 1929, Ark. Code Ann. § 26-51-101 et seq.;
H. “Eligible Contribution” means a monetary contribution from a Taxpayer to a scholarship-granting organization, or an amount prorated to be contributed to the scholarship-granting organization under Ark. Code Ann. § 6-18-2308;
I. “Office” means the Office of Tax Credits and Special Refunds of the Department of Finance and Administration;
J. “SGO” or “scholarship granting organization” means an entity that is approved by the Division for participation in the Act; and
K. “Tax Credit” means a nonrefundable credit against the taxes levied by the Arkansas Income Tax Act of 1929, Ark. Code Ann. § 26-51-101 et seq.

Credits

Adopted June 3, 2022.
Current with amendments received through May 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 006.05.521-I, AR ADC 006.05.521-I
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