A.1. A Taxpayer may claim a Tax Credit for one hundred percent (100%) of Eligible Contributions actually received by the Scholarship-Granting Organization under the Act for which a Certificate is awarded by the Office.
2. An Eligible Contribution to an SGO in exchange for a Tax Credit under the Act shall not be claimed as a charitable deduction to income under Ark. Code Ann. § 26-51-419.
3. An Eligible Contribution to an SGO where no Tax Credit is awarded under the Act may be claimed as a charitable deduction to income under Ark. Code Ann. § 26-51-419.
B. A Taxpayer may claim a Tax Credit up to the amount listed on the Certificate of Income Tax Credit against the Arkansas Income Tax due in the tax year that the Certificate is issued but not in excess of the Arkansas Income Tax liability of the Taxpayer.
C. Any unused Tax Credit amount may be carried forward to the next-succeeding taxable year and annually thereafter for a total period of three (3) years.
D. Amounts evidenced on an Application that exceed the annual cap on tax credits under Ark. Code Ann. § 6-18-2304(c) may be taken as a charitable contribution deduction under Ark. Code Ann. § 26-51-419 if the Donor does not rescind the contribution amount in excess of the credit.
Credits
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 006.05.521-IV, AR ADC 006.05.521-IV
