141.514 Administration of education opportunity account tax credit and cap --

324 words·~1 min read·/ky/141-514

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Required annual publications on department Web site. (See LRC Note below)

(1)To administer the tax credit and the total annual tax credit cap established in KRS

141.522, the department shall:

(a)Create the tax credit application form, the forms to be used by the department

to notify the taxpayer and the AGO of preapproval or denial of the credit, and

the educational materials to be distributed by the AGO;

(b)Create a Web site listing the amount of the total credit pending verification,

the amount of the total credit allocated to date, and the remaining credit

available to taxpayers making contributions to AGOs;

(c)Notify the taxpayer and the AGO of the amount of credit allocated to the

taxpayer upon certification that the contribution has been made by the

issuance of a tax credit allocation letter, which the taxpayer shall submit with

the taxpayer's return when claiming the credit; and

(d)Collect necessary data to provide the report required by subsection

(3)of this

section.

(2)On or before January 1 of each year, the department shall publish on its Web site:

(a)A list of organizations that have been approved by the department to perform

independent financial analyses of parents' demonstrated financial needs; and

(b)A list of AGOs.

1. If an AGO fails to meet the requirements of this section, the department

shall not include the organization on the list of AGOs the following

calendar year.

2. Only contributions to AGOs on the list maintained by the department for

each calendar year shall be recognized for tax credits awarded under

KRS 141.522.

(3)The department shall produce and publish on its Web site an annual report that

aggregates the data obtained from the annual reports submitted by AGOs for the

renewal of their certification pursuant to KRS 141.510. The department's report

shall not include any identifying information of EOA students or AGOs that would

violate the confidentiality requirements in KRS 131.190(1).