Fillable Montana Form Cc - College Contribution Credit

MONTANA

Clear Form

Rev. 10-08

2008 College Contribution Credit

15-30-163, MCA

Name (as it appears on your tax return) _______________________________________________________

Your Social Security Number or Federal Employer Identiﬁ cation Number _____________________________

If this credit is passed through to you from a partnership or S corporation, please indicate the name of the

partnership or S corporation, FEIN, and your percentage of ownership in the partnership or S corporation.

Name ______________________________FEIN _________________ Percent of Ownership _________ %

List Colleges or Universities to which you contributed. ____________________________________________

_______________________________________________________________________________________

1. Enter total amount of contribution(s) ...................................................................................$

2. Enter here the lesser of 10% (0.10) of line 1 or $500. This is your college contribution

credit ...................................................................................................................................$

Enter the amount from line 2 above on your appropriate tax return:

Form 2, Schedule V

Form CLT-4S, Schedule II

Form 2M, Schedule II

Form CLT-4, Schedule C

Form PR-1, Schedule II

General Instructions

Deﬁ nitions

When the contribution is made by your S corporation or

partnership, remember to complete the information above that

“Foundation” means a nonproﬁ t organization created exclusively

identiﬁ es the entity’s name, federal employer identiﬁ cation number

for the beneﬁ t of any unit of the Montana university system or

and your percentage of ownership.

a Montana private college and is exempt from taxation under

Section 501(c)(3) of the Internal Revenue Code.

Can this contribution also be claimed as a charitable

contribution?

“Montana private college” means a nonproﬁ t private educational

institution:

Yes, it can. Your contribution to the general endowment funds

•

whose main campus and primary operations are within the

of a Montana university system foundations, or to a general

state, and

endowment fund of a private Montana college or its foundation,

•

that offers baccalaureate degree level education and is

can also be claimed as an itemized deduction on an individual

accredited for that purpose by a national or regional accrediting

income tax return or as a deduction on a corporation license tax

agency recognized by the board of regents of higher education.

return.

Who can claim this credit?

Can I carry any of my excess college contribution credit back

to a prior year or forward to a subsequent year?

An individual, corporation, partnership or small business

corporation making charitable contributions during the year to any

No, you cannot. Your credit cannot exceed your tax liability

of the general endowment funds of the Montana university system

or $500, whichever is smaller. You cannot carry back or carry

or its foundations, or to a general endowment fund of a private

forward any of your unused credit. Your credit will only apply in the

Montana college or its foundation, can claim this credit.

year that your contribution was made.

How do I claim my college contribution credit when I am a

What information do I have to include with my tax return

partner or shareholder in a partnership or S corporation?

when I claim this credit?

When the partnership or S corporation makes a contribution that

When you claim this credit, attach a copy of Montana Form CC

qualiﬁ es for the college contribution credit, the entity will report

to your individual income tax or corporate license tax return. If

the credit on its informational tax return and provide you with your

you are an S corporation or a partnership and are claiming this

share of the credit.

credit, attach Montana Form CC to your Montana information

return Form CLT-4S or PR-1 and include a separate statement

Your share of the college contribution credit that is passed through

identifying each owner and their proportionate share of this credit.

to you by your S corporation or partnership is based on the

same proportion used by you to report your income and loss for

If you have questions, please call us toll free at (866) 859-2254 (in

Montana tax purposes.

Helena, 444-6900).

When you ﬁ le your Montana income tax return electronically, you represent that you have retained all documents required

as a tax record and that you will provide a copy to the department upon request.

109

Montana Form Cc - College Contribution Credit - 2008

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