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006.05.521-V. Tax Credit Awards

AR ADC 006.05.521-VArkansas 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-V
006.05.521-V. Tax Credit Awards
Currentness
A.1. Tax Credits are awarded on a first-come, first-served basis according to the date and time of receipt of the Application by the Office.
2. Applications received prior to January 1 of the year in which the donation to the SGO is made will not be considered for a Tax Credit.
3. Applications must be submitted electronically to the Office which shall determine the date and time of receipt of the Application.
B. If an Application is for an amount that would exceed the amount of remaining tax credit available, the Office shall credit the Donor with the amount of tax credit remaining. Any amount more than the credit remaining may be taken by the donor as a charitable contribution deduction under Ark. Code Ann. § 26-51-419.
C.1. The Office shall notify a Donor of the approval of the Application by providing a Certificate of Income Tax Credit showing the amount of the Tax Credit awarded, and, if only partial credit was authorized, the amount that may be taken as a charitable contribution deduction.
2. Subject to approval by the Donor, the Office shall also notify the SGO of the Donor and amount of partial credit when partial credit was authorized.
D. Upon meeting the annual cap of Tax Credits under Ark. Code Ann. § 6-18-2304(c)(1), the Office shall notify the Division and the SGOs that the Tax Credit maximum has been reached and no further Tax Credits will be awarded in that year.
E.1. Any Applications remaining to be processed after the annual cap has been met shall be notified in the same manner as V.C specifying that no Tax Credit was authorized.
2. Subject to approval by the Donor, the Office shall also notify the SGO of the Donors whose applications were not awarded Tax Credits under E.1.

Credits

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