The Chicago Manual of Style doesn't have a strict rule on the formatting of long quotations.
Generally, quotes may be either run in to the surrounding text and enclosed in quotation marks, “like this,” or set off as a block quotation, or extract. Block quotations are not enclosed in quotation marks, always start a new line, and are indented from the left margin.
The length of the quote should determine whether or not you indent it but the Chicago Manual of Style isn't firm on the number of words. It states that 100 words or more can generally be set off as a block quotation. However, if you think readability would be improved by indenting a quote which is more than 40 words, this is also acceptable.
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