GREAT FALLS — Montana taxpayers have the ability to participate in a dollar-for-dollar tax credit program as tax season begins.
Implemented by the 2021 Montana State Legislature and enhanced in 2023, $5 million is available for collection to public school districts statewide.
"What you are required to pay to the state… you can give all of that or part of that to the school district," said Great Falls Public Schools Director of Business Operations Brian Patrick.
In 2022, $1 million was available and claimed in six minutes, the following year in 2023, the program bumped to $2 million and was nearly claimed immediately.
The allotted funds that are available for collection through a local school district are anticipated to go fast.
"In the law itself, it designates the funding to five areas. It’s advanced opportunities, and transformation learning, special education programs, enhanced technology for students, and then work based learning programs."
Those programs will be directly supplemented through the tax credit program in varying school districts.
An individual or corporation can donate up to $200,000 per year to an innovative education program.
GFPS had 19 donors for approximately $580,000 on Monday, January 15, 2024, just under $4.5 million shy of the available credit limit.
"It can cover up to three years of their tax liability. So, let’s say they gave a check for $10,000, and their tax liability in this next year was $4,000, that $6,000 can carryover for the next two years. It doesn’t have to be any kind of special check, it just has to be a personal check, or a cashier’s check. Then in the memo line, we just ask that they put innovative tax credit, so we can track it better in the system on our end." Patrick added.
Great Falls Public Schools officials ask that people contact their financial adviser before signing up for the program. Anyone with additional questions about the tax credit program in their area can contact their local school district.
"We really appreciate the community stepping up and wanting to come into the school and direct their tax dollars to the school versus the State of Montana."
The deadline to participate in the program is before 10 a.m. on Wednesday, January 17, 2024.
Contact local school districts for questions or Dona Losett at the Montana Department of Revenue, 406-444-1991 or dona.losett@mt.gov.
