(A) Taxpayers having contracts with this State who subcontract with minority firms are eligible for an income tax credit equal to four percent of the payments to a minority subcontractor for work pursuant to the state contract. The subcontractor must be certified as a minority firm as defined in Section 11-35-5010 and regulations thereunder.
(B) The credit is limited to a maximum of twenty-five thousand dollars annually. A taxpayer is eligible to claim the credit for six taxable years beginning with the taxable year in which the credit is first claimed. After the above six taxable years, the taxpayer is no longer eligible for the credit regardless of whether or not the taxpayer claimed the credit in a year subsequent to the year in which the credit was first claimed.
(C) A taxpayer claiming the credit shall maintain evidence of work performed for a state contract by the minority subcontractor and shall present the evidence at the time of filing its state income tax return in a manner prescribed by the department.