montana tax credit
The Montana Income Tax Credit for Endowed Philanthropy
Planned giving through an endowment offers specific tax credits. Listed below are details on Montana's current Law (July 1, 2003 - December 31, 2007.)
Planned Gift - Credit against state income tax liability in the amount of 40% of the present value of any planned gift to a permanent endowment of a Montana charity up to a maximum amount of $10,000 per year per taxpayer. This applies to individual or business entity taxpayers.
Outright Gift - Credit against state income tax liability in the amount of 20% of the present value of any outright gift by a business entity to a permanent endowment of a Montana charity up to a maximum of $10,000 per year per taxpayer. This applies to corporations, small business corporations, partnership or limited liability company taxpayers.
The Montana Department of Revenue Form MT-QEC-06 for claiming the Qualified Endowment Credit is available in PDF format.