Montana Code Annotated 2019



Part 23. Specific Tax Credits and Tax Checkoffs

Credit For Contributions To University Or College Foundations And Endowment Funds

15-30-2326. Credit for contributions to university or college foundations and endowment funds. (1) (a) An individual, corporation, partnership, or small business corporation, as defined in 15-30-3301, is allowed a tax credit against taxes imposed by 15-30-2103 or 15-31-101 in an amount equal to 10% of the aggregate amount of charitable contributions made by the taxpayer during the year to a foundation or a general endowment fund of:

(i) the Montana university system or any unit or campus of the Montana university system;

(ii) a Montana private college;

(iii) a Montana community college that is part of a community college district defined and organized as provided in 20-15-101; or

(iv) a tribal college located in Montana that meets the requirements of 25 U.S.C 1804.

(b) The maximum credit that a taxpayer may claim in a year under this section is $500. The credit allowed under this section may not exceed the taxpayer's income tax liability.

(2) There is no carryback or carryforward of the credit permitted under this section, and the credit must be applied in the year the donation is made, as determined by the taxpayer's accounting method.

(3) (a) For the purposes of this section, "foundation" means a nonprofit organization that is created exclusively for the benefit of any unit of the Montana university system, a Montana private college, a community college, or a tribal college and that is exempt from taxation under section 501(c)(3) of the Internal Revenue Code.

(b) For the purposes of this section, "Montana private college" means a nonprofit private educational institution:

(i) whose main campus and primary operations are within the state; and

(ii) that offers education on the level of an associate degree or a baccalaureate degree and is accredited for that purpose by a national or regional accrediting agency recognized by the board of regents of higher education.

History: En. Sec. 1, Ch. 542, L. 1991; amd. Sec. 1, Ch. 152, L. 1995; Sec. 15-30-163, MCA 2007; redes. 15-30-2326 by Sec. 1, Ch. 147, L. 2009; amd. Sec. 1, Ch. 140, L. 2011.