(a)(1) The Department of Finance and Administration, in consultation with the Division of Elementary and Secondary Education, shall create and provide a standardized form of receipt to be issued by a scholarship-granting organization to a taxpayer who makes an eligible contribution to the scholarship-granting organization that indicates the value of each eligible contribution made by the eligible taxpayer.
(2)The receipt issued to a taxpayer under subdivision (a)(1) of this section shall be filed with the taxpayer's tax return for any year in which the taxpayer claims an eligible contribution under this subchapter.
(b)(1) The Division of Elementary and Secondary Education shall select an independent research organization, which may be a public or private entity or institution of higher
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(a) (1) The Department of Finance and Administration, in consultation with the Division of Elementary and Secondary Education, shall create and provide a standardized form of receipt to be issued by a scholarship-granting organization to a taxpayer who makes an eligible contribution to the scholarship-granting organization that indicates the value of each eligible contribution made by the eligible taxpayer. (2) The receipt issued to a taxpayer under subdivision (a)(1) of this section shall be filed with the taxpayer's tax return for any year in which the taxpayer claims an eligible contribution under this subchapter. (b) (1) The Division of Elementary and Secondary Education shall select an independent research organization, which may be a public or private entity or institution of higher education, to which participating nonpublic schools shall annually report information as required under § 6-18-2306(9)(D)(i) . (2) (A) An independent research organization selected under subdivision (b)(1) of this section shall annually report to the Division of Elementary and Secondary Education on a statewide basis year-to-year learning gains of qualified students who have received an educational scholarship under this subchapter and who have scores for a nationally recognized norm-referenced test administered during the school year following July 28, 2021, for two (2) consecutive years at the same participating private school. (B) The information reported under subdivision (b)(2)(A) of this section shall be: (i) Disaggregated by the qualified students' grade level, gender, family income level, and race; (ii) In compliance with the requirements under the Family Educational Rights and Privacy Act, 20 U.S.C. § 1232g ; and (iii) Used only for the purpose of creating the annual report as required under § 6-18-2306(9)(D)(i) . (C) The independent research organization shall not disaggregate data to a level that would identify: (i) Individual participating private schools; or (ii) The academic level of individual qualified students. (c) The Division of Elementary and Secondary Education may: (1) Conduct an audit or other appropriate financial review of a scholarship-granting organization annually to ensure compliance with the requirements of this subchapter or upon reasonable belief that a scholarship-granting organization has violated requirements under this subchapter; (2) (A) Seek and accept gifts, grants, or donations from private or public sources for purposes of selecting an independent research organization under subsection (b) of this section. (B) (i) The Division of Elementary and Secondary Education shall transmit all gifts, grants, or donations received under subdivision (c)(2)(A) of this section to the Treasurer of State, who shall credit the received gifts, grants, or donations received by the Division of Elementary and Secondary Education to the Philanthropic Investment in Arkansas Kids Academic Accountability Fund under § 19-5-1275 . (ii) The funds in the Philanthropic Investment in Arkansas Kids Academic Accountability Fund are subject to annual appropriation by the General Assembly to the Division of Elementary and Secondary Education for the direct and indirect costs associated with selecting an independent research organization as required under subsection (b) of this section and reporting information as required under § 6-18-2306(9)(D)(i) . (iii) If the gifts, grants, or donations accepted under this subdivision (c)(2) are not sufficient for the purposes of selecting an independent research organization under subsection (b) of this section and reporting information as required under § 6-18-2306(9)(D)(i) , the Division of Elementary and Secondary Education shall notify the scholarship-granting organizations, which shall provide the necessary direct and indirect costs associated with selecting an independent research organization and reporting required information; and (3) (A) Prohibit a scholarship-granting organization from qualifying as a recipient of eligible contributions under this subchapter if the Division of Elementary and Secondary Education establishes that the scholarship-granting organization has intentionally and substantially failed to comply with the requirements under § 6-18-2306 . (B) If the Division of Elementary and Secondary Education bars a scholarship-granting organization from qualifying as a recipient of eligible contributions under subdivision (c)(3)(A) of this section, the scholarship-granting organization shall notify the affected qualified students who have received educational scholarships and the qualified students' parents or guardians as soon as reasonably practicable upon notification by the Division of Elementary and Secondary Education of disqualification. (d) (1) The Revenue Division of the Department of Finance and Administration shall promulgate rules that are necessary to carry out the purposes of this section. (2) The Revenue Division of the Department of Finance and Administration shall consult with the Division of Elementary and Secondary Education during the promulgation of the rules under subdivision (d)(1) of this section.