1. (1) A claimant may claim a credit for contributions made in cash to a school district provided in 20-9-901, MCA, and/or a student scholarship organization (SSO), provided in 15-30-3110, MCA. For the purpose of this rule, cash includes:

   1. (a) U.S. currency;
   2. (b) a personal check;
   3. (c) cashier's check;
   4. (d) money order;
   5. (e) bank draft;
   6. (f) an electronic bank account transfer (e.g., wire transfer, ACH draft);
   7. (g) a credit card transaction (less any transaction surcharges or fees); or
   8. (h) traveler's check.

2. (2) The maximum credit that may be claimed in a tax year by an individual claimant or a corporation for allowable contributions to:

   1. (a) a school district is $200,000; and
   2. (b) an SSO is $200,000.

3. (3) An allowable contribution from:

   1. (a) an S corporation passes to its shareholders based on their ownership percentage; and
   2. (b) a partnership or limited liability company taxed as a partnership passes to their partners and owners based on their share of profits and losses as reported for Montana income tax purposes.

Authorizing statute(s): 15-1-201, 15-30-3114, MCA

Implementing statute(s): 15-30-3101, 15-30-3111, MCA

History: NEW, 2015 MAR p. 2331, Eff. 12/25/15; AMD, 2021 MAR p. 1968, Eff. 1/1/22; AMD, 2024 MAR p. 2162, Eff. 9/7/24.