Special Tax Updates

The benefits of charitable giving just got better

Qualified Endowment Credit

Also referred to as the Montana Endowment Tax Credit

Effective January 1, 2024, Senate Bill 506 enacts the following changes to the popular state tax credit:

  • The Qualified Endowment Credit became permanent.
  • Along with the permanency, the tax credit increases to $15,000 per taxpayer or $30,000 per couple filing jointly, when a qualifying gift is made.
  • For businesses making a qualifying gift, the tax credit increases to $15,000.

Qualified Charitable Distributions

The IRS recently announced an increase in qualified charitable distribution gift limits:

  • Generally, for those 70 ½ or older, up to $105,000 (up from $100,000) can be transferred directly from your traditional individual retirement account to support nonprofit organizations including the University of Montana Foundation in 2024. Amounts given in this way are not counted as income for federal income tax purposes. 

Learn More

Alison SchultzContact Senior Director of Planned Giving, Alison Schultz at 406-243-5121 or alison.schultz@supportum.org to learn more about how to support UM and take advantage of the increased tax benefits.

The University of Montana Foundation Office of Planned Giving provides information about the benefits of planned gifts and does not provide any legal, financial or tax advice. Please consult your advisor(s) before making a gift.