What is the Montana Endowment Tax Credit?

Montana tax payers are eligible to receive up to a $30,000 credit on their Montana State income taxes while benefiting their community.

Learn more by watching a brief video or reading this one-page summary.

HISTORY

Originally enacted in 1997 as the Montana Income Tax Credit for Endowed Philanthropy, (now called the Qualifed Endowment Credit) encourages charitable giving to qualified endowments by offering incentives to Montana taxpayers.

HOW IT WORKS

The Montana Qualified Endowment Credit (formerly known as the Montana Endowment Tax Credit) allows donors to pay less in Montana state income taxes when they give a qualifying planned gift to a qualified Montana charitable endowment like the Whitefish Community Foundation’s permanent endowment fund or any of the nonprofit endowment funds held by Whitefish Community Foundation.

ENDOWMENTS

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.  Endowments are established to help Montanans meet long-term needs in our communities for education, social services, health care, economic development, the arts, and more.

Individual Planned Gift:

Individuals who make a planned gift to a qualified Montana endowment fund will receive a Montana tax credit of 40% of their gift, with a maximum credit of $15,000 ($30,000 for joint filers).

Business/Corporation Outright Gift:

Businesses and corporations that make a direct gift to a qualified Montana endowment fund will receive a tax credit of 20% of their gift, with a maximum credit of $15,000. [Applies to corporations, small business corporations, partnership or limited liability company taxpayers.]

Montana Code Annotated

Contact President/CEO Alan Davis at (406) 863-1781 for more information about how Whitefish Community Foundation can help you utilize the Montana Qualifed Endowment Credit to save on your state taxes while supporting the critical work of local nonprofit organizations.

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