42.31.2142 CORPORATION LICENSE TAX CREDIT
(1) A cor-poration is allowed a credit against its Montana corporation
license tax liability for "public contractor's gross receipts tax"
paid pursuant to the provisions of 15-50-205 and 15-50-206, MCA. The credit is allowed with respect to the corporation's
Montana corporation license tax liability determined for the taxable period
within which the net income from contracts subject to the gross receipts tax is
reported. If the corporation reports
its income from contracts on a percentage of completion basis, the credit must
be allocated accordingly. The amount of credit allowable is the net public
contractor's gross receipts tax (after personal property tax credit) actually
imposed against and paid by the corporation but not in excess of its Montana
corporation license tax liability. The
credit is allowed without regard to the fact that the public contractor's gross
receipts tax is an allowable deduction in determining net income subject to
Montana corporation license tax.
(2) In the
event the public contractor's gross receipts tax is paid by a joint venture or
a partnership, the members thereof shall be entitled to the credit for the tax
as their respective interests appear.
History: Sec. 15-50-301, MCA; IMP, Sec. 15-50-205, 15-50-206, 15-50-207, and 39-9-204, MCA; Eff. 12/31/72; AMD, 1995 MAR p. 2854, Eff. 12/22/95; AMD, 2000 MAR p. 3569, Eff. 12/22/00.