53-25-117. (Temporary) Deductions for contributions. An individual who contributes to one or more accounts established pursuant to this chapter in a tax year is entitled to reduce the individual's adjusted gross income, in accordance with 15-30-2110(12), by the total amount of the contributions, but not more than $3,000, if the individual is:
(1) the designated beneficiary;
(2) the spouse of the designated beneficiary; or
(3) a parent, grandparent, sibling, or child related to the designated beneficiary by blood, marriage, or legal adoption.
53-25-117. (Effective January 1, 2024) Deductions for contributions. An individual who contributes to one or more accounts established pursuant to this chapter in a tax year is entitled to reduce the individual's Montana taxable income, in accordance with 15-30-2120, by the total amount of the contributions, but not more than $3,000, if the individual is:
(1) the designated beneficiary;
(2) the spouse of the designated beneficiary; or
(3) a parent, grandparent, sibling, or child related to the designated beneficiary by blood, marriage, or legal adoption.
History: En. Sec. 11, Ch. 436, L. 2015; amd. Sec. 10, Ch. 433, L. 2019; amd. Sec. 56, Ch. 503, L. 2021.
Structure Montana Code Annotated
Title 53. Social Services and Institutions
Chapter 25. Disability Individual Savings Account Program
Part 1. Montana Achieving a Better Life Experience Act
53-25-104. Program administration -- rulemaking
53-25-105. Program oversight committee -- membership -- powers and duties
53-25-106. through 53-25-108 reserved
53-25-109. Program requirements -- application -- establishment of account -- contributions
53-25-110. Qualified and nonqualified withdrawals -- rulemaking
53-25-111. Changes in designated beneficiary
53-25-112. Selection of financial institution as program manager -- contract -- termination
53-25-114. through 53-25-116 reserved
53-25-117. Deductions for contributions
53-25-118. Tax on certain withdrawals of deductible contributions
53-25-120. Account not counted as resource