Section 15-30-3103 - [Terminates 12/31/2029] Requirements for student scholarship organizations(1) A student scholarship organization: (a) shall obligate at least 90% of its annual revenue from donations eligible for the tax credit under 15-30-3111 for scholarships. For the purpose of this calculation: (i) the cost of the annual fiscal review provided for in 15-30-3105(1)(b) may be paid out of the total donations before calculation of the 90% minimum obligation amount; and(ii) all donations subject to the 90% minimum obligation amount that are received in 1 calendar year must be paid out in scholarships within the 3 calendar years following the donation.(b) may not restrict or reserve scholarships for use at a particular education provider or any particular type of education provider and shall allow an eligible student to enroll with any qualified education provider of the parents' or legal guardian's choice;(c) shall provide scholarships to eligible students to attend instruction offered by a qualified education provider;(d) may not provide a scholarship to an eligible student for an academic year that exceeds the per-pupil average of total public school expenditures calculated in 20-9-570;(e) shall maintain separate accounts for scholarship funds and operating funds;(f) may transfer funds to another student scholarship organization;(g) shall maintain an application process under which scholarship applications are accepted, reviewed, approved, and denied; and(h) shall comply with payment and reporting requirements in accordance with 15-30-3104 and 15-30-3105.(2) An organization that fails to satisfy the conditions of this section is subject to termination as provided in 15-30-3113. (Terminates December 31, 2029--sec. 20, Ch. 480, L. 2021, sec. 7, Ch. 558, L. 2023.)Amended by Laws 2021, Ch. 480,Sec. 3, eff. 10/1/2021, and applicable to the income tax year beginning after December 31, 2021.Added by Laws 2015, Ch. 457, Sec. 9, eff. 1/1/2016, terminating 12/31/2023, termination extended to 12/31/2029 by Laws 2021, Ch. 480.See Laws 2015, Ch. 457, Sec. 33.