(1) A taxpayer may claim a credit for contributions made in cash to a school district provided for in 20-9-901, MCA, and/or a student scholarship organization (SSO), provided for in 15-30-3110, MCA. For the purpose of this rule, cash includes:

(a) U.S. currency;

(b) a personal check;

(c) cashier's check;

(d) money order;

(e) bank draft; 

(f) an electronic bank account transfer (e.g., wire transfer, ACH draft);

(g) a credit card transaction (less any transaction surcharges or fees); or 

(h) traveler's check.

(2) The maximum credit that may be claimed in a tax year by an individual taxpayer or a corporation for allowable contributions to:

(a) a school district is $200,000; and

(b) an SSO is $200,000.

(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.