The bill aims to revise laws concerning the water's-edge election for corporate income tax purposes by eliminating the list of countries classified as tax havens from the income and apportionment factors. It also seeks to remove certain reporting requirements that were previously mandated. Additionally, the bill provides new definitions relevant to these changes and amends several sections of the Montana Code Annotated (MCA), specifically sections 15-31-321 through 15-31-326.

Furthermore, the bill establishes an immediate effective date and includes provisions for retroactive applicability, ensuring that the changes take effect without delay and apply to prior tax periods as well. This legislative update is intended to streamline corporate tax processes and reduce administrative burdens associated with compliance and reporting.

Statutes affected:
SB0246_1.pdf: 15-31-321, 15-31-322, 15-31-323, 15-31-324, 15-31-325, 15-31-326
SB0246_2.pdf: 15-31-321, 15-31-322, 15-31-323, 15-31-324, 15-31-325, 15-31-326
Amended: 15-31-321, 15-31-322, 15-31-323, 15-31-324, 15-31-325, 15-31-326
Introduced: 15-31-321, 15-31-322, 15-31-323, 15-31-324, 15-31-325, 15-31-326