La. Admin. Code tit. 28 § CLV-505

Current through Register Vol. 50, No. 11, November 20, 2024

Section CLV-505 - Credits

A. In order for a donation to qualify for the credit, the donation shall be used by the school tuition organization to provide scholarships for tuition and fees for students to attend a qualified school in accordance with the provisions of this Rule and R.S. 47:6301.

B. The amount of the credit to the donor shall be equal to the actual amount of the taxpayer donation used by a school tuition organization to fund a scholarship to a qualified student, which shall not include administrative costs.

C. The credit shall be earned when the donation is made.

D. The department shall transmit an electronic file to the Department of Revenue verifying that the LDE has issued taxpayer receipts to the taxpayer or to the school tuition organization, on behalf of the taxpayer, when the taxpayer has authorized the school tuition organization to collect the receipt on the taxpayer's behalf. The electronic file should include the following information for each receipt:

1. the date the LDE issued the receipt;

2. the name and social security number or Louisiana taxpayer identification number of each taxpayer; and

3. the amount of each taxpayer's donation that funded student scholarships for the previous school year.

E. The taxpayer shall complete a credit form, provided by the Department of Revenue, and submits both that form and the LDE-issued receipt to the Department of Revenue.

F. The taxpayer may use the credit in addition to any federal tax credit or deduction earned for the same donation. However, a taxpayer shall not receive any other state tax credit, exemption, exclusion, deduction or any other tax benefit for which the taxpayer has received a tax credit under the tuition donation program.

G. In the event that the tax credit earned through the tuition donation program exceeds the total tax liability of the taxpayer in the taxable year, the amount of the credit not used as an offset against such tax liability in the taxable year may be carried forward as a credit against subsequent income tax liabilities for a period not to exceed three taxable years.

La. Admin. Code tit. 28, § CLV-505

Promulgated by the Board of Elementary and Secondary Education, LR 39:1026 (April 2013), amended LR 40:499 (March 2014), Amended LR 432481 (12/1/2017).

AUTHORITY NOTE: Promulgated in accordance with R.S. 47:6301.