Montana § 15-31-162 Small Business Corporation, Partnership, And Limited Liability Company Credit For Contribution To Qualified Endowment -- Recapture Of Credit -- Deduction Included As Income

Montana Statutes

§ 15-31-162 — Small Business Corporation, Partnership, And Limited Liability Company Credit For Contribution To Qualified Endowment -- Recapture Of Credit -- Deduction Included As Income

Montana § 15-31-162

Title 15TAXATION

Ch. 31CORPORATE INCOME TAX OR ALTERNATIVE CORPORATE INCOME TAX

Part 1Corporate Income Tax Rate and Return

This text of Montana § 15-31-162 (Small Business Corporation, Partnership, And Limited Liability Company Credit For Contribution To Qualified Endowment -- Recapture Of Credit -- Deduction Included As Income) is published on Counsel Stack Legal Research, covering Montana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mont. Code Ann. § 15-31-162 (2026).

Text

15-31-162 . Small business corporation, partnership, and limited liability company credit for contribution to qualified endowment -- recapture of credit -- deduction included as income.

(1)A contribution to a qualified endowment, as defined in 15-30-2327 , by a small business corporation, as defined in 15-30-3301 , a partnership, or a limited liability company, as defined in 35-8-102 , carrying on any trade or business for which deductions would be allowed under section 162 of the Internal Revenue Code, 26 U.S.C. 162, or carrying on any rental activity qualifies for the credit provided in 15-31-161 . The credit must be attributed to shareholders, partners, or members of a limited liability company in the same proportion used to report the corporation's, partnership's, or limited liability

Free access — add to your briefcase to read the full text and ask questions with AI

15-31-162 . Small business corporation, partnership, and limited liability company credit for contribution to qualified endowment -- recapture of credit -- deduction included as income. (1) A contribution to a qualified endowment, as defined in 15-30-2327 , by a small business corporation, as defined in 15-30-3301 , a partnership, or a limited liability company, as defined in 35-8-102 , carrying on any trade or business for which deductions would be allowed under section 162 of the Internal Revenue Code, 26 U.S.C. 162, or carrying on any rental activity qualifies for the credit provided in 15-31-161 . The credit must be attributed to shareholders, partners, or members of a limited liability company in the same proportion used to report the corporation's, partnership's, or limited liability company's income or loss for Montana income tax purposes. The maximum credit that a shareholder of a small business corporation, a partner of a partnership, or a member of a limited liability company may claim in a year is $15,000. The credit allowed under this section may not exceed the taxpayer's income tax liability. There is no carryback or carryforward of the credit permitted under this section, and the credit must be applied to the tax year in which the contribution is made.
(2) (a) If during any tax year a charitable gift is recovered by the small business corporation, partnership, or limited liability company, the entity shall include as income the amount deducted in any prior year that is attributable to the charitable gift.
(b) In the tax year that a charitable gift is recovered, each shareholder, partner, or member shall increase the amount of tax due under 15-30-2103 or 15-31-101 by the amount of the credit allowed in the tax year in which the credit was taken.

Legislative History

En. Sec. 4, Ch. 537, L. 1997; amd. Sec. 4, Ch. 226, L. 2001; amd. Secs. 7, 8, Ch. 24, Sp. L. August 2002; amd. Sec. 4, Ch. 4, L. 2005; amd. Sec. 28, Ch. 503, L. 2021; amd. Sec. 4, Ch. 690, L. 2023.