Title 15, Title 15

(Temporary) Reporting requirements for student scholarship organizations. (1) Each student scholarship organization shall: (a) submit an application to the department for certification as a student scholarship organization pursuant to 15-30-3103(1)(a); (b) complete an annual fisc…

(Temporary) Student scholarship organizations -- listing on website. The department shall maintain on its website a hyperlink to a current list of all: (1) student scholarship organizations that have been certified pursuant to 15-30-3105(1)(a); (2) scholarship award policies adop…

(Temporary) Credit for providing supplemental funding to public schools -- innovative educational program. (1) Subject to subsection (4), a taxpayer or corporation is allowed a credit against the tax imposed by chapter 30 or 31 for donations made to a school district for the purp…

(Temporary) Qualified education tax credit for donations to student scholarship organizations. (1) Subject to subsection (4), a taxpayer or corporation is allowed a credit against the tax imposed by chapter 30 or 31 for donations made to a student scholarship organization. The do…

(Temporary) Report to revenue interim committee -- student scholarship organizations. Each biennium, the department shall provide to the revenue interim committee, in accordance with 5-11-210, a list of student scholarship organizations receiving contributions from businesses and…

(Temporary) Review determination -- termination -- confidentiality. (1) Subject to subsection (7), the department is authorized to examine any books, papers, records, or memoranda relevant to determining whether a student scholarship organization is in compliance with 15-30-3102,…

(Temporary) Rulemaking. The department may adopt rules, prepare forms, and maintain records that are necessary to implement and administer this part. (Terminates December 31, 2029--sec. 20, Ch. 480, L. 2021.)

(1) Except as provided in subsection (2), the term "small business corporation" is synonymous with "S. corporation" as defined in 15-30-2101 and means a corporation for which a valid election under section 1362 of the Internal Revenue Code (26 U.S.C. 1362) is in effect. (2) A cor…

(1) Except as otherwise provided: (a) a partnership is not subject to taxes imposed in Title 15, chapter 30 or 31; (b) an S. corporation is not subject to the taxes imposed in Title 15, chapter 30 or 31; and (c) a disregarded entity is not subject to the taxes imposed in Title 15…

(1) A partner of a partnership that has Montana source income and a resident who is a partner of a partnership during any part of the tax year shall, in computing net income, include the partner's distributive share of partnership income, gain, loss, deduction, or credit or item …

(1) A partnership or S. corporation may elect to file a composite return and pay a composite tax on behalf of participants. A participant is a partner, shareholder, member, or other owner who: (a) is a nonresident individual, a nonresident estate, a nonresident trust, a foreign C…

(1) A pass-through entity that is required to file an information return as provided in 15-30-3302 and that reports a distributive share of income of $1,000 or more of Montana source income during the tax year to a partner, shareholder, member, or other owner who is a nonresident…

The department shall review, with the assistance of interested parties, the reporting and taxation of income that is flowing through pass-through entities and the method of reporting and taxation of this income in states other than Montana and shall consider recommendations conce…

(1) Subject to subsection (4), each year, a partnership with more than 100 partners shall transmit to the department, in an electronic format approved by the department, all partnership returns, along with the corresponding U.S. department of treasury schedules K-1 and all other …

In the case of corporation dissolution, no benefits may be taken under the "small business act" or under any law or regulation shifting the tax to be paid from the corporation to the shareholders unless all shareholders agree to assume personal income tax liability the same as th…

As used in 15-30-3326 through 15-30-3328 and this section, unless the context clearly indicates otherwise, the following definitions apply: (1) "Electing pass-through entity" means a partnership or an S. corporation that elects to be subject to an entity tax. (2) "Entity tax" mea…

(1) Each electing pass-through entity shall, on or before the due date of the pass-through entity's tax return, pay an entity tax. The entity tax is equal to the highest marginal tax rate in effect under 15-30-2103 for the tax year the election is made multiplied by the distribut…

(1) The election must be made annually no later than the due date, including extensions, of the pass-through entity's tax return as prescribed by 15-30-3302. The election for a tax year is irrevocable for the year it is made. (2) The pass-through entity must designate a Montana p…

(1) An owner that is not a pass-through entity may claim the distributive share of the owner's entity tax paid by an electing pass-through entity as a refundable credit against the taxes under this chapter. (2) An owner that is an electing pass-through entity shall claim its dist…

For purposes of this part, Title 15, chapter 30, part 26, and Title 15, chapter 31, part 5, the following definitions apply: (1) "Administrative adjustment request" means an administrative adjustment request filed by a partnership under 26 U.S.C. 6227. (2) "Direct partner" means …

(1) With respect to an action required or permitted to be taken by a partnership under this part and a proceeding under 15-1-211 with respect to that action, the state partnership representative for the reviewed year has the sole authority to act on behalf of the partnership, and…

(1) Except for final federal adjustments that are reported under the procedures set forth in 15-30-3404, the final federal adjustments required to be reported by taking those adjustments into account in the partnership return for the year of the adjustment or the distributive sha…

(1) Subject to the limitations in subsection (2), an audited partnership making an election under this section shall: (a) no later than 90 days after the final determination date, file a completed federal adjustments report, including information required by the department, and n…

Under procedures adopted by and subject to the approval of the department, an audited partnership or tiered partner may enter into an agreement with the department to utilize an alternative reporting and payment method, including applicable time requirements or any other provisio…

(1) The election made pursuant to 15-30-3404 is irrevocable, unless the department, in its discretion, determines otherwise. (2) If properly reported and paid by the audited partnership or tiered partner, the amount determined in 15-30-3404(1)(b), will be treated as paid in lieu …

The department may, at its discretion, adopt rules establishing a de minimis amount on which a taxpayer may not be required to comply with 15-30-3403 and 15-30-3404.

A taxpayer may make estimated payments to the department, following the process prescribed by the department, of the Montana individual income or corporate income tax expected to result from a pending internal revenue service audit, prior to the due date of the federal adjustment…

This part may be cited as the "Montana Entrepreneur Magnet Act".

As used in this part, the following definitions apply: (1) (a) "Capital stock" means voting or nonvoting common or preferred stock acquired as the result of employment or service as an employee or director with a corporation. (b) The term does not include stock rights or debt sec…

(1) For a taxpayer to qualify for the tax rate under 15-30-3704, as of the date on which the sale or exchange of capital stock is made by the taxpayer, the corporation must have: (a) at least 60 consecutive months of new business activity in the state, with the first activity occ…

Subject to the conditions of 15-30-3703, an alternative tax rate of 0% is imposed on the net long-term capital gain that is attributable to the sale or exchange of capital stock of a corporation.