(1) To hold a qualified endowment an organization must be:

(a) incorporated or otherwise formed under the laws of Montana and exempt from federal income tax under 26 USC 501(C) (3) ; or

(b) a bank or trust company, as defined in 15-30-165 , MCA, holding an endowment fund on behalf of a Montana or foreign 501(C) (3) organization.

(2) For the period December 31, 2000, through December 31, 2004, the affordable housing revolving loan account established in 90-6-133 , MCA, is considered a qualified endowment for the purpose of qualifying for the endowment tax credit.