Section 53-25-117 - Deductions for contributionsAn 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.Amended by Laws 2021, Ch. 503,Sec. 56, eff. 1/1/2024, and applicable to income tax years beginning after December 31, 2023.Amended by Laws 2019, Ch. 433,Sec. 10, eff. 5/10/2019, retroactive to tax years beginning after December 31, 2018.Added by Laws 2015, Ch. 436, Sec. 11, eff. 5/5/2015.See Laws 2015, Ch. 436, Sec. 20.