43-1503. Operational requirements for school
tuition organizations


A. A certified school tuition organization must be established to receive
contributions from taxpayers for the purposes of income tax credits under sections
43-1183 and 43-1184 and insurance premium tax credits under sections 20-224.06 and
20-224.07 and to pay educational scholarships or tuition grants to allow students to
attend any qualified school of their parents' or custodians' choice.


B. To be eligible for certification and retain certification, the school tuition
organization:


1. Must allocate at least ninety per cent of its annual revenue for educational
scholarships or tuition grants.


2. Shall not limit the availability of educational scholarships or tuition grants
to only students of one school.


3. Must allow the department of revenue to verify that the educational scholarships
and tuition grants that are issued are awarded to students who attend a qualified school.