(a) The amount of research and development enhancement grants awarded by ADECA shall be subject to the appropriations of the Legislature. No research entity shall receive a research and development enhancement grant of more than 20 percent of the maximum amount awarded in a single fiscal year. The grants shall be allocated among various taxpayers using the procedures in this section.
(b) Each research entity who wishes to apply for a grant shall file an application with ADECA showing the amount of grant funding which the research entity expects in good faith to qualify for during the applicable fiscal year. No application shall show an expected claim in excess of 20 percent of the maximum amount to be awarded in a single fiscal year.
(c) As applications are submitted, ADECA shall approve any ADECA deems sufficient, until the total approved applications represent the total available grant funds for the applicable fiscal year. All applications received on the day that the total for the applicable fiscal year is reached shall receive approval for a pro rata share of the credits available at the start of that day. To the extent that the applications are not approved, the portion not approved shall be conditionally denied by ADECA. Research entities may continue to submit applications after the total for the applicable fiscal year is reached, and applications that ADECA deems sufficient shall be conditionally denied but maintained in the order received.
(d) If grant funds for the corresponding fiscal year are returned for any reason or if additional grant funds become available, ADECA shall approve, in the order they were received, the applications that were conditionally denied until the approved applications represent the total of available grant funds for the applicable fiscal year and timely notify benefiting research entities.
Last modified: May 3, 2021