Montana Endowment Tax Credit
Originally enacted in 1997, the Montana Income Tax Credit for Endowed Philanthropy encourages charitable giving to qualified endowments by offering incentives to Montana taxpayers.
An endowment is a fund held by a tax-exempt organization where the principal of the fund is not wholly expendable. Only the interest and appreciation earned in an endowment fund can be used for current operations, providing a stable source of funding to help organizations like Five Valleys Land Trust meet long-term needs.
Through this unique tax credit incentive, a person, business, or organization paying income taxes in the State of Montana can receive a reduction on the taxes s/he owes – up to $10,000 per year – by making a qualified charitable contribution to a qualified endowment. Five Valleys Land Trust has a qualified endowment.
Planned Gift
Provides a 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. (Applies to individual or business entity taxpayers)
Outright Gift
Provides a credit against state income tax liability in the amount of 20% of the present value of an 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. (Applies to corporations, small business corporations, partnerships, or limited liability company taxpayers)
Previously set to expire at the end of 2007, the 2007 Montana Legislature extended the Endowment Tax Credit through December 31, 2013. The tax credit provides a unique opportunity to significantly reduce the taxes you owe, while making an important gift for the future of Five Valleys Land Trust's work.
For more information on the Montana Endowment Tax Credit, visit the following websites or contact Glenn Marangelo at (406) 549-0755.
http://revenue.mt.gov/forindividuals/ind_tax_incentives/default.mcpx#endowment
