The state created a tax credit program for education during the 2021 Legislature and the window to claim those credits is coming up.
Registration for the dollar-for-dollar tax credit opens Jan. 17, 2024.
The program allows residents to make a cash donation to their local public schools and individuals or companies can contribute up to $200,000 per year for educational programs. Married taxpayers filing jointly may take a tax credit of up to $400,000 for each tax credit, according to the Montana Department of Revenue.
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Great Falls Public School officials are asking locals to consider using the tax credit program to support GFPS and encourage all donors to contact their financial planners/advisors before participating in this program.
The total tax credit amount that can be claimed statewide in 2024 is $5 million.
In 2022, the $1 million credit was claimed in less than six minutes.
In 2023, most of the $2 million credit was claimed immediately.
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For 2025 and beyond, if 80 percent of the previous year’s credits are claimed, the aggregate amount will increase by 20 percent; otherwise, the aggregate amount will remain the same as the previous year, according to DOR.
In 2023, there were $68,500 in credits that opened due to donors pulling back their original donation, according to Brian Patrick, GFPS’ business operations manager.
Anders Blewett had heard about the available tax credit and was able to give the district $66,000 since someone else with a $2,500 donation got ahead in the system by hundredths of a second, Patrick said.
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The credits are available on first come, first served basis until the cap is reached.
The funds will be directed to GFPS innovative educational programs including:
- transformational and advanced learning opportunities for students;
- programs, services and equipment for students with disabilities;
- work-based learning partnership for our students;
- post-secondary credit or career certifications for our students; and
- technologies that improve student experiences and opportunities.
Anyone considering claiming the education tax credits for GFPS should contact Patrick, GFPS’ business operations manager at 406-268-6050 or brian_patrick@gfps.k12.mt.us.
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Only public schools can access the state system to claim the tax credits so a check or cashiers check has to be provided to GFPS by the time the program window opens on Jan. 17.
The district does not accept credit card payments.
The district encouraged donors to come to their office building when the tax credits are being claimed through the state system on Jan. 17.
More information on the program from the DOR is available here.
