HOME    SEARCH    ABOUT US    CONTACT US    HELP   
           
Rule: 42.15.215 Prev     Up     Next    
Rule Title: SENIOR INTEREST INCOME EXCLUSION
Add to My Favorites
Add to Favorites
Department: REVENUE
Chapter: INCOME TAX
Subchapter: Montana Additions and Subtractions
 
Latest version of the adopted rule presented in Administrative Rules of Montana (ARM):

Printer Friendly Version

42.15.215    SENIOR INTEREST INCOME EXCLUSION

(1) If a taxpayer or a taxpayer's spouse is age 65 or over, certain interest income is exempt as provided in this rule.

(2) If a taxpayer is single, the taxpayer may exclude up to $800 of interest income included in the taxpayer's Montana adjusted gross income.

(3) If married taxpayers file a joint return, they may exclude up to $1600 of interest income included in their joint or in their separate Montana adjusted gross income even if only one spouse is age 65 or over.

(4) If a married taxpayer who is age 65 or older files separately, the taxpayer may exclude up to $800 of interest income earned by them and included in their Montana adjusted gross income. The taxpayer may not exclude interest income earned by the taxpayer's spouse.

(5) The exclusion cannot exceed the amount reported as taxable interest income.

 

History: 15-30-2620, MCA; IMP, 15-30-2110, MCA; NEW, 1982 MAR p. 10, Eff. 1/15/82; AMD, 1992 MAR p. 2555, Eff. 11/26/92; AMD and TRANS, from ARM 42.15.113, 2004 MAR p. 3147, Eff. 12/17/04; AMD, 2009 MAR p. 353, Eff. 3/27/09; AMD, 2010 MAR p. 1088, Eff. 4/30/10.


 

 
MAR Notices Effective From Effective To History Notes
42-2-820 4/30/2010 Current History: 15-30-2620, MCA; IMP, 15-30-2110, MCA; NEW, 1982 MAR p. 10, Eff. 1/15/82; AMD, 1992 MAR p. 2555, Eff. 11/26/92; AMD and TRANS, from ARM 42.15.113, 2004 MAR p. 3147, Eff. 12/17/04; AMD, 2009 MAR p. 353, Eff. 3/27/09; AMD, 2010 MAR p. 1088, Eff. 4/30/10.
42-2-806 3/27/2009 4/30/2010 History: 15-30-305, MCA; IMP, 15-30-111, MCA; NEW, 1982 MAR p. 10, Eff. 1/15/82; AMD, 1992 MAR p. 2555, Eff. 11/26/92; AMD and TRANS, from ARM 42.15.113, 2004 MAR p. 3147, Eff. 12/17/04; AMD, 2009 MAR p. 353, Eff. 3/27/09.
12/17/2004 3/27/2009 History: Sec. 15-30-305, MCA; IMP, Sec. 15-30-111, MCA; NEW, 1982 MAR p. 10, Eff. 1/15/82; AMD, 1992 MAR p. 2555, Eff. 11/26/92; AMD and TRANS, from ARM 42.15.113, 2004 MAR p. 3147, Eff. 12/17/04.
Home  |   Search  |   About Us  |   Contact Us  |   Help  |   Disclaimer  |   Privacy & Security