Kan. Admin. Regs. § 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.
Notes
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