§257-10  Tax credit.  (a)  Taxpayerssubject to the tax imposed under chapter 235 who contribute matching funds forindividual development accounts may be eligible for the tax credit providedunder section 235-5.6.

(b)  Individuals, organizations, and businessesseeking the tax credit can contribute a matching share to designatedindividuals or contribute to a fiduciary organization and permit it to allocatethe funds to all of its participants on a proportionate basis.

(c)  The administrator of the fiduciaryorganization, with the cooperation of the participating organizations, shallmaintain records of the names of contributors and the total amount eachcontributor contributes to an individual development account match fund for thetaxable year.  All contributions shall be verified by the department of humanservices.  The department of human services shall total all contributions thatthe department certifies.  Upon each determination, the department of humanservices shall issue a certificate to the taxpayer.  The taxpayer shall filethe certificate with the taxpayer's tax return with the department of taxation.

When the total amount of certifiedcontributions reaches $1,000,000, the department shall immediately discontinuecertifying contributions and notify the department of taxation.  In noinstance, shall the total amount of certified contributions exceed $1,000,000over the five-year period between January 1, 2000, and December 31, 2004.

(d)  The State shall provide no more than$1,000,000 in tax credits for private individuals, businesses, andorganizations contributing funds to individual development account programs. [L1999, c 160, pt of §25; am L 2000, c 184, §2]

 

Note

 

  The 2000 amendmentapplies to taxable years beginning after December 31, 1999 and before January1, 2005.  L 2000, c 184, §5.