SDCL § 13-65-3.3: Tax credits--Calculation of maximum allowable.

The division shall calculate the maximum allowable contributions eligible for a premium tax credit for each scholarship granting organization for each fiscal year by:

(1) Dividing the total certified enrollment of all qualifying schools in a participation agreement with the scholarship granting organization in the previous school year by the total certified enrollment of all qualifying schools in participation agreements with all scholarship granting organizations in the previous school year; and

(2) Multiplying the result of subdivision (1) by the total available tax credits provided in § 13-65-3.