You can claim a credit against your income tax liability for contributions that you made in 2014 to a foundation or general endowment fund of the Montana university system, a Montana private college, a community college or a tribal college. Your credit is equal to 10% of the contribution that you made with a maximum credit allowed of $500. In order to qualify for this credit, your contribution has to be made to a Montana college or university that offersan associate or baccalaureate degree level education program. In addition to this credit, your contribution may also be claimed as an itemized deduction on Form 2, Schedule III, line 16.
For further instructions on the college contribution credit, and to calculate this credit, see Montana Form CC. Whenyou claim this credit, you will have to include a copy of Form CC with your tax return.