(a)

1. (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 Tax Credits and Special Refunds Section of the Department of Finance and Administration.
2. (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. (3) Applications must be submitted electronically to the Tax Credits and Special Refunds Section, which shall determine the date and time of receipt of the application.

(b)

1. (1) If an application is for an amount that would exceed the amount of remaining tax credit available, the Tax Credits and Special Refunds Section shall credit the donor with the amount of tax credit remaining.
2. (2) Any amount more than the credit remaining may be taken by the donor as a charitable contribution deduction under Arkansas Code § 26-51-419.

(c)

1. (1) The Tax Credits and Special Refunds Section 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. (2) Subject to approval by the donor, the Tax Credits and Special Refunds Section shall also notify the SGO of the donor and amount of partial credit when partial credit was authorized.

(e)

1. (1) Any applications remaining to be processed after the annual cap has been met shall be notified in the same manner as subsection (c) of this section, specifying that no tax credit was authorized.
2. (2) Subject to approval by the donor, the Tax Credits and Special Refunds Section shall also notify the SGO of the donors whose applications were not awarded tax credits under subdivision (e)(1) of this section.