§257-10 Tax credit. (a) Taxpayers subject to the tax imposed under chapter 235 who contribute matching funds for individual development accounts may be eligible for the tax credit provided under section 235-5.6.
(b) Individuals, organizations, and businesses seeking the tax credit can contribute a matching share to designated individuals or contribute to a fiduciary organization and permit it to allocate the funds to all of its participants on a proportionate basis.
(c) The administrator of the fiduciary organization, with the cooperation of the participating organizations, shall maintain records of the names of contributors and the total amount each contributor contributes to an individual development account match fund for the taxable year. All contributions shall be verified by the department of human services. The department of human services shall total all contributions that the department certifies. Upon each determination, the department of human services shall issue a certificate to the taxpayer. The taxpayer shall file the certificate with the taxpayer's tax return with the department of taxation.
When the total amount of certified contributions reaches $1,000,000, the department shall immediately discontinue certifying contributions and notify the department of taxation. In no instance, shall the total amount of certified contributions exceed $1,000,000 over the five-year period between January 1, 2000, and December 31, 2004.
(d) The State shall provide no more than $1,000,000 in tax credits for private individuals, businesses, and organizations contributing funds to individual development account programs. [L 1999, c 160, pt of §25; am L 2000, c 184, §2]
Note
The 2000 amendment applies to taxable years beginning after December 31, 1999 and before January 1, 2005. L 2000, c 184, §5.
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