Section Rev 3203.03 - Approval or Denial of Education Tax Credit Application(a) The department shall review each Form ED-02, education tax credit application, on a first come-first served basis.(b) An application shall be approved for only a portion of the requested credit if: (1) The requested credit is for more than 10 percent of the aggregate tax credit amount;(2) The requested credit approved by the department in its entirety would exceed the aggregate tax credit amount; or(3) The requested credit meets the conditions of both (1) and (2).(c) If an application meets the conditions set forth in Rev 3203.03(b)(1), the department shall approve the portion of the education tax credit requested that does not exceed 10 percent of the aggregate tax credit amount.(d) If an application meets the conditions set forth in Rev 3203.03(b)(2), the department shall approve the portion of the education tax credit requested that does not exceed the aggregate tax credit amount.(e) If an application meets the conditions set forth in Rev 3203.03(b)(3), the department shall approve the portion of the education tax credit requested that does not exceed 10 percent of the aggregate tax credit amount and does not exceed the aggregate tax credit amount.(f) An application shall be approved for the entire requested credit amount if the requested amount does not exceed 10 percent of the aggregate tax credit amount and the requested amount would not cause the aggregate tax credit to be over the allowed amount for the program year.(g) An application shall be denied for the current program year if it: (1) Fails to provide the information required by Rev 3203.01(a); or(2) Is not timely filed pursuant to Rev 3203.02(a).(h) The department shall notify in writing each applicant whether the application is approved or denied within 30 days of the department's receipt of the application or approval of the scholarship organization(s), whichever is later, by stating the amount of the education tax credit allowed and the date of approval, if the application is approved, or by stating the reasons for denial, if the application is denied.(i) The business organization, business enterprise, or individual shall donate the amount allowed no later than 60 days after the date of the department's approval, and no later than June 30 of the program year during which it was approved, or the request shall expire.N.H. Admin. Code § Rev 3203.03
Amended by Volume XXXIX Number 41, Filed October 10, 2019, Proposed by #12881, Effective 9/27/2019, Expires 9/27/2029.Amended by Volume XLII Number 45, Filed November 10, 2022, Proposed by #13462, Effective 10/13/2022, Expires 10/13/2032 (see Revision Note at chapter heading for Rev 3200)