Kan. Admin. Regs. § 110-13-5

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

Section 110-13-5 - Allocation of tax credits

(a) Each regional foundation shall contract with the department for the foundation's utilization of tax credits through a tax credit agreement.

(b) Each regional foundation shall initially receive an equal share of the total amount of tax credits allocated in a given fiscal year.

(c) Each tax credit agreement shall be reviewed by the secretary on the anniversary date of the agreement to determine whether the regional foundation is utilizing its tax credits. The regional foundation shall attempt to achieve 100 percent utilization of the tax credits. Compliance with this level of utilization of tax credits shall be ascertained by the secretary through quarterly and annual reviews.

Kan. Admin. Regs. § 110-13-5

Authorized by K.S.A. 2004 Supp. 74-5002r and K.S.A. 2004 Supp. 74-50,154; implementing K.S.A. 2004 Supp. 74-50,154; effective Aug. 12, 2005.