To Residents of the Belt Public School District,
Have you heard of the Innovative Education Tax Credit program for schools around the state including Belt Public Schools? The 2021 Legislature passed HB 279 and the 2023 Legislature passed HB 408, both working to create and enhance the program allowing taxpayers the ability to redirect a portion of their Montana income taxes directly to school districts instead of to the State, providing schools with additional resources to enhance educational programs that significantly benefit local students' learning experiences.
Taxpayers can participate in the program by donating a portion of their Montana income taxes, up to $200,000, directly to the school, in return they will receive a dollar-for-dollar tax credit on their Montana income tax bill which can be carried forward over a three-year period. The deadline to participate for the 2025 tax year is Wednesday, January 15, 2025.
Your contribution will help Belt Schools enhance and expand innovative educational initiatives including transformational and advanced learning opportunities, post-secondary credits and/or career certifications, technology to improve learning experiences and opportunities, and programs, services and equipment for students with disabilities.
This opportunity operates on a first-come, first-served basis. In previous years, the cap was met in a matter of minutes. In 2022, the $1 million credit was claimed in less than six minutes. If the cap is met, it increases the following year. With the cap being met for several years, the statewide aggregate threshold for 2025 is now $6 million. Each year, the credit remaining for the year is tracked on the Department of Revenue Education Donations Portal homepage and the public can view how much of the credit has been reserved, how much is available, along with how much is pending.
If you choose to participate in the program, you will receive a confirmation number and receipt to include when filing your Montana income return.
We highly encourage you to consult your financial planners or advisors before participating in this program.
For additional information or to participate in the program, please contact Joe Gaylord at 406-277-3351. You may also reach out to Dona Losett at the Montana Department of Revenue at 406-444-1991 or email dona.losett@mt.gov.
Your consideration of keeping your tax dollars local and helping to support the Belt Public Schools system is appreciated, thank you.
Sincerely,
Joe Gaylord
Superintendent of Schools
Belt Public School District