KRS 141.508 — Application for tax credit -- Preliminary approval subject to annual tax credit cap -- Taxpayer notification -- Taxpayer contribution – Account-granting organization certification of contribution. (See LRC Note below)

proposed contributions and the year or years in which the contributions will be
made, whether the proposed contributions will be in the form of cash or marketable
securities, and the name of the AGO to which the contributions will be made.
(2) Subject to the annual tax credit cap established by KRS 141.522, the department
shall preliminarily approve the amount of tax credit within ten (10) business days of
receipt of the application and shall notify the taxpayer and the A GO. The
notification shall include the amount of the tax credit preliminarily approved, the
name of the AGO to which contributions may be made, and any other information
the department deems necessary.
(3) If a taxpayer applies or the AGO applies on behalf of the taxpayer for preapproval
when no amount of tax credit remains for allocation, but a portion of the total
amount of tax credit available is pending verification, the department shall notify
the taxpayer and the AGO that the application is being held in abeyance and will be
funded on a first -come, first -served basis or will be denied if all preapproved
contributions are timely made.
(4) (a) The taxpayer shall make the preapproved contribution to the AGO no later
than the earlier of:
1. Fifteen (15) bu siness days following the date of the department's
preapproval notice, excluding weekends and holidays; or
2. June 30 of the fiscal year of the preapproval.
(b) If the preapproved contribution is in the form of marketable securities, the
AGO shall monetize the securities within five (5) business days of receipt,
excluding weekends and holidays, and notify the department within ten (10)
business days of the monetization of the securities. If the monetized value of
the marketable securities is less than the a mount of the proposed contribution
reflected on the application, the taxpayer shall supplement the contribution
with additional cash to equal the amount of contribution reflected on the
application. The taxpayer shall not receive preapproval for a tax cred it in
excess of the amount of proposed contribution reflected on the application
form.
(5) (a) The AGO shall certify to the department the name of the taxpayer, amount of
the contribution made, and the date on which the contribution was made
within ten (10) days of when the contribution has been made.
(b) Upon receipt of certification that the cont ribution has been made or the
expiration of the ten (10) day period without certification, whichever occurs
first, the department shall modify the amount of credit pending certification,
the amount of credit allocated to taxpayers, and the remaining credit available
for allocation, as applicable.