Kan. Admin. Regs. § 110-13-10

Current through Register Vol. 43, No. 49, December 5, 2024

Section 110-13-10 - Administration of contributions and regional business development fund

(a) Until the secretary approves each contribution from a taxpayer to the regional foundation as being eligible for tax credits, the regional foundation shall not consider, and the foundation shall not communicate to any taxpayer, that the contribution is entitled to a tax credit under this act.

(b) Each regional foundation being allocated tax credits shall open an account for the regional business development fund in a bank or other financial institution located in the state of Kansas that is insured by either the federal deposit insurance corporation (FDIC) or the national credit union share insurance fund (NCUSIF). The foundation shall deposit any funds related to each project in that account.

(c) Each contribution by taxpayers made to the regional foundation shall indicate that the contribution is to be allocated to the regional foundation's regional business development fund as specified in the regional foundation's approved proposal.

(d) Any regional foundation may amend its budget if the scope of work for the projects remains the same. Each amendment exceeding 10 percent of the regional foundation's total regional business development fund budget shall require the approval of both the regional foundation's board of directors and the secretary.

(e) When requesting contributions from individuals and businesses, the regional foundation shall not utilize tax credits in excess of the amount allocated by the secretary.

Kan. Admin. Regs. § 110-13-10

Authorized by K.S.A. 2006 Supp. 74-5002r and K.S.A. 2006 Supp. 74-50,154; implementing K.S.A. 2006 Supp. 74-50,154; effective Aug. 12, 2005; amended Nov. 26, 2007.