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Rule Title: AVAILABILITY OF TAX CREDIT
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Department: REVENUE, DEPARTMENT OF
Chapter: TAX CREDITS
Subchapter: Corporation - New and Expanded Industry Credit
 
Latest version of the adopted rule presented in Administrative Rules of Montana (ARM):

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42.4.1611    AVAILABILITY OF TAX CREDIT

(1) A claim for credit may be made as a new corporation or as an expanding corporation; no corporation may qualify as both in the same year.

(2) A corporation may claim credit due under 15-31-124 through 15-31-127 , MCA, for more than one manufacturing facility; but in no case shall the department allow a claim for credit, if the total claim for credit exceeds total liability imposed by 15-31-101 , 15-31-121 , and 15-31-122 , MCA, as amended.

(3) A corporation qualifying under 15-31-124 through 15-31-127 , MCA, shall use any credit authorized as an offset to tax liability incurred during the period of eligibility. No carryback or carryover is allowed for this credit.

History: Sec. 15-31-127 and 15-31-501, MCA; IMP, Sec. 15-31-125, MCA; NEW, Eff. 4/6/76; AMD, 2000 MAR p. 1346, Eff. 5/26/00; AMD and TRANS, from ARM 42.23.521, 2004 MAR p. 1965, Eff. 8/20/04.


 

 
MAR Notices Effective From Effective To History Notes
8/20/2004 Current History: Sec. 15-31-127 and 15-31-501, MCA; IMP, Sec. 15-31-125, MCA; NEW, Eff. 4/6/76; AMD, 2000 MAR p. 1346, Eff. 5/26/00; AMD and TRANS, from ARM 42.23.521, 2004 MAR p. 1965, Eff. 8/20/04.
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