42.31.2143 STATE INCOME TAX CREDIT
(1) A resident or a nonresident individual is allowed a credit against his
Montana income 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
taxpayer's Montana income tax liability determined for the taxable year within
which the net income from contracts subject to the gross receipts tax is
reported. If the taxpayer reports his
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 and paid by the taxpayer but not
in excess of his Montana income 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 Montana income tax taxable income.
(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. 15-1-201, MCA; IMP, Sec. 15-50-201, 15-50-205, 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.