A qualified endowment is a permanent, irrevocable fund established for a specific charitable, religious, educational, or philanthropic purpose that is held by:
- A tax exempt 501(c)(3) corporation formed under the laws of Montana, or
- A bank or trust company holding an endowment fund on behalf of a Montana or Montana-based affiliate of a foreign 501(c)(3) organization.
Planned Gifts that Qualify
Planned gifts that qualify for this credit are irrevocable contributions using any of the following methods:
- Charitable remainder unitrust
- Charitable remainder annuity trust
- Pooled income fund trust
- Charitable lead unitrust
- Charitable lead annuity trust
- Charitable life estate agreement
- Paid-up life insurance policy
- Charitable gift annuity
- Deferred charitable gift annuity
Individuals that make a planned gift to a qualified endowment can take a nonrefundable tax credit of 40% of the present value of the gift, up to $15,000. Any excess of this credit cannot be carried over.
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