Montana Tax Credit

Save up to $10,000 per individual on your Montana taxes

What if there were a way to get up to a $10,000 credit per individual on your taxes? What if we told you by getting this credit, you’d not only benefit yourself but also benefit Montana? And what if we told you Montana is one of only four states to offer a credit like this? Finally, what if we told you this credit expires in 2019?

What is the Montana Endowment Tax Credit?

Formally known as the Montana Charitable Endowment Tax Credit, this opportunity offers you a credit of 40% of a qualifying planned gift’s federal charitable deduction, up to a maximum of $10,000, per year, per individual. It also allows a credit of 20% of a gift’s federal charitable deduction for a direct gift by a qualified business up to a maximum of $10,000 per year.

Deferred Gift Annuity

 

What is a planned gift?

Planned gifts (Planned Giving) are a way of giving that allows donors to maintain access to income during their lifetime, provide estate and tax planning tools, and build permanent wealth for Montana’s charities, nonprofit organizations and local community foundations. Donations make through gift annuities, charitable trusts and some estate gifts all fall into this category.

What does this look like in the real world?

In one real-world example of a generous couple from Great Falls, their initial gifts over several years totaling approximately $217,000 resulted in tax deductions and credits of nearly $300,000. Imagine getting tax deductions and credits greater than your gifts and helping your favorite Montana charities at the same time.

Top