Montana Title 15. Taxation § 15-30-3103. Requirements for student scholarship organizations

(a) shall obligate at least 90% of its annual revenue from donations eligible for the tax credit under 15-30-3111 for scholarships. For the purpose of this calculation:

(b) may not restrict or reserve scholarships for use at a particular education provider or any particular type of education provider and shall allow an eligible student to enroll with any qualified education provider of the parents' or legal guardian's choice;

(c) shall provide scholarships to eligible students to attend instruction offered by a qualified education provider;

(d) may not provide a scholarship to an eligible student for an academic year that exceeds the per-pupil average of total public school expenditures calculated in 20-9-570;

(e) shall maintain separate accounts for scholarship funds and operating funds;

(f) may transfer funds to another student scholarship organization;

(g) shall maintain an application process under which scholarship applications are accepted, reviewed, approved, and denied; and

(h) shall comply with payment and reporting requirements in accordance with 15-30-3104 and 15-30-3105.