Qualified position certificate; applications; determination of
qualified position; issuance; maximum amount of credit; aggregate
amount of credits
Sec. 6. (a) A taxpayer who seeks to obtain the credit provided by
this chapter must file an application for a qualified position
certificate for that year with the state board of education. The board
shall prescribe the form and contents of the application.
(b) Upon receipt of an application filed under subsection (a), the
state board of education shall determine whether the position in
question is a qualified position. The board shall also determine the
amount of compensation that the taxpayer intends to pay to the
eligible teacher in the qualified position during the school summer
recess, or the parts of the school summer recesses that fall within the
taxable year with respect to which the taxpayer is applying for a
certificate. If the board approves the application, it shall issue a
qualified position certificate to the taxpayer for the taxable year. The
certificate shall indicate the maximum amount of credit to which the
taxpayer is entitled for the taxable year under this chapter with
respect to the eligible teacher. That amount is the lesser of:
(1) two thousand five hundred dollars ($2,500); or
(2) fifty percent (50%) of the amount of compensation that the
taxpayer intends to pay to the eligible teacher in the qualified
position during the school summer recess, or the parts of the
school summer recesses that fall within the taxable year.
The taxpayer shall attach the certificate to the income tax return that
is filed for the taxable year for which the credit is claimed.
(c) The state board of education shall record the time of filing of
each application for a qualified position certificate, and shall approve
the applications, if they otherwise qualify, in the chronological order
in which they are filed. However, the board may not approve any
application in a state fiscal year if the aggregate amount of allowable
credits indicated on qualified position certificates issued in the fiscal
year exceeds five hundred thousand dollars ($500,000).
As added by P.L.51-1984, SEC.1. Amended by P.L.20-1984, SEC.6.
Last modified: May 28, 2006