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, 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.