Montana § 15-30-3003 Montana Farm And Ranch Risk Management Account -- Deposits -- Exclusion From Income

Montana Statutes

§ 15-30-3003 — Montana Farm And Ranch Risk Management Account -- Deposits -- Exclusion From Income

Montana·Title 15 TAXATION·Ch. 30 INDIVIDUAL INCOME TAX·Part 30 Special Income Tax Applications

15-30-3003 . (Temporary) Montana farm and ranch risk management account -- deposits -- exclusion from income.

(1)An individual or a family farm corporation engaged in an eligible agricultural business may hold a Montana farm and ranch risk management account that is composed of contributions that were made to the account prior to January 1, 2024, as provided in this part, to use as a risk management tool for the individual's or family farm corporation's agricultural business. The number of risk management accounts that may be held is limited to one for each individual or family farm corporation.

(2)For the purposes of this section, a taxpayer is considered to have made a deposit to an account if the deposit is made during a tax year beginning before January 1, 2024.

(3)A deposit not dis

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15-30-3003 . (Temporary) Montana farm and ranch risk management account -- deposits -- exclusion from income. (1) An individual or a family farm corporation engaged in an eligible agricultural business may hold a Montana farm and ranch risk management account that is composed of contributions that were made to the account prior to January 1, 2024, as provided in this part, to use as a risk management tool for the individual's or family farm corporation's agricultural business. The number of risk management accounts that may be held is limited to one for each individual or family farm corporation.
(2) For the purposes of this section, a taxpayer is considered to have made a deposit to an account if the deposit is made during a tax year beginning before January 1, 2024.
(3) A deposit not distributed within 3 years is considered to have been distributed to the taxpayer as provided in 15-30-3005 .
(4) A portion of a deposit distributed within 6 months of the date deposited is income in the year for which an exclusion was taken. The taxpayer shall file a return or amended return as necessary to report the income in the appropriate year. (Terminates on occurrence of contingency--sec. 9, Ch. 262, L. 2001.)

Montana § 15-30-3003 (Montana Farm And Ranch Risk Management Account -- Deposits -- Exclusion From Income) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

En. Sec. 3, Ch. 262, L. 2001; Sec. 15-30-603, MCA 2007; redes. 15-30-3003 by Sec. 1, Ch. 147, L. 2009; amd. Sec. 14, Ch. 308, L. 2015; amd. Sec. 24, Ch. 503, L. 2021.