(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 Philanthropic Investment in Arkansas Kids Program Act, Arkansas Code §§ 6-18-2301 – 6-18-2308, for which a certificate is awarded by the Tax Credits and Special Refunds Section of the Department of Finance and Administration.
- (2) An eligible contribution to an SGO in exchange for a tax credit under the Philanthropic Investment in Arkansas Kids Program Act shall not be claimed as a charitable deduction to income under Arkansas Code § 26-51-419.
- (3) An eligible contribution to an SGO where no tax credit is awarded under the Philanthropic Investment in Arkansas Kids Program Act may be claimed as a charitable deduction to income under Arkansas Code § 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 Arkansas Code § 6-18-2304(c) may be taken as a charitable contribution deduction under Arkansas Code § 26-51-419 if the donor does not rescind the contribution amount in excess of the credit.