(1) The Mississippi Association of Grantmakers, or its successor entity, in cooperation with qualified community foundations in Mississippi, shall develop application forms, procedures for the review and approval of applications for tax credits authorized under this article, for the issuance of tax credits authorized under this article, and to establish reporting and monitoring requirements for the tax credits authorized by this article. The Mississippi Association of Grantmakers, or its successor entity, shall also develop or revise forms by which the tax credits are reported to the State of Mississippi.

(2) Application forms shall be available online and in print from the Mississippi Association of Grantmakers, or its successor entity, and qualifying community foundations.

(3) Applications shall be filed jointly by the qualified taxpayer seeking the tax credit and the qualified community foundation that is to receive the proposed qualifying contribution. The qualified community foundation shall:

(a) Log the date and time each application is received;

(b) Review each application for compliance with this section;

(c) Forward required documentation for applications to the Mississippi Association of Grantmakers, or its successor entity; and

(d) Certify that the applications are for qualifying contributions that are eligible for tax credits.

(4) The Mississippi Association of Grantmakers, or its successor entity, shall review the applications and documentation. The Mississippi Association of Grantmakers, or its successor entity, shall provide lists of approved applications to qualified community foundations, who in turn shall issue notice of approval of tax credits to the taxpayer seeking the credit. Upon notice of approval, the qualifying contribution shall be made by the qualified taxpayer within a reasonable time, dependent on the form of the qualifying contribution and the giving policies of the qualified community foundation.

(5) The Mississippi Association of Grantmakers, or its successor entity, shall monitor all tax credits issued pursuant to this article and, on or before December 31 of each year, certify to the Mississippi Department of Revenue all tax credits approved pursuant to this article and provide the department with all data required to ensure that qualified taxpayers receive any credit to which they are entitled.