ARM 42.4.804. CREDIT LIMITATIONS AND CLAIMS

(1) A taxpayer may claim a credit for contributions to an innovative educational program provided for in 20-9-901, MCA, and/or student scholarship organizations provided for in 15-30-3101, MCA. (2) The maximum credit that may be claimed in a tax year by a taxpayer for allowable contributions to: (a) innovative education programs is $150; and (b) student scholarship organizations is $150. (3) In the case of a married couple that makes a joint contribution, unless specifically allocated by the taxpayers, the contribution will be split equally between each spouse. If each spouse makes a separate contribution, each may be allowed a credit up to the maximum amount. (4) An allowable contribution from: (a) an S corporation passes to its shareholders based on their ownership percentage; and (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.