53-25-117. (Temporary) Deductions for contributions. An individual who contributes to one or more accounts established pursuant to this chapter in a tax year is entitled to reduce the individual's adjusted gross income, in accordance with 15-30-2110(12), by the total amount of the contributions, but not more than $3,000, if the individual is:
(1) the designated beneficiary;
(2) the spouse of the designated beneficiary; or
(3) a parent, grandparent, sibling, or child related to the designated beneficiary by blood, marriage, or legal adoption.
53-25-117. (Effective January 1, 2024) Deductions for contributions. An individual who contributes to one or more accounts established pursuant to this chapter in a tax year is entitled to reduce the individual's Montana taxable income, in accordance with 15-30-2120, by the total amount of the contributions, but not more than $3,000, if the individual is:
(1) the designated beneficiary;
(2) the spouse of the designated beneficiary; or
(3) a parent, grandparent, sibling, or child related to the designated beneficiary by blood, marriage, or legal adoption.
History: En. Sec. 11, Ch. 436, L. 2015; amd. Sec. 10, Ch. 433, L. 2019; amd. Sec. 56, Ch. 503, L. 2021.