Contributions for education

(1) Except as provided in Section 59-10-1304, a resident or nonresident individual that files an individual income tax return under this chapter may designate on the resident or nonresident individual's individual income tax return a contribution as provided in this part to: (a) the foundation of any school district if that foundation is exempt from federal income taxation under Section 501(c)(3), Internal Revenue Code; or (b) a school district described in Title 53G, Chapter 3, School District Creation and Change, if the school district has not established a foundation. (2) If a resident or nonresident individual designates an amount as a contribution under: (a) Subsection (1)(a), but does not designate a particular school district foundation to receive the contribution, the contribution shall be made to the State Board of Education to be distributed to one or more associations of foundations: (i) if those foundations that are members of the association are established in accordance with Section 53E-3-403; and (ii) as determined by the State Board of Education; or (b) Subsection (1)(b), but does not designate a particular school district to receive the contribution, the contribution shall be made to the State Board of Education. (3) The commission shall: (a) determine annually the total amount of contributions designated to each entity described in Subsection (1) in accordance with this section; and (b) subject to Subsection (2), credit the amounts described in Subsection (1) to the entities.