Senate Bill No. [insert bill number] proposes amendments to the definition of "intangible personal property" in Montana law, specifically in Section 15-6-218, MCA. The bill stipulates that certain personal property will no longer be exempt from property taxation. The revised definition clarifies that "intangible personal property" includes specific types of property, such as stocks, bonds, and copyrights, but excludes property that is integral to the operation of a business or a centrally assessed utility. This change aims to ensure that intangible assets that contribute to business operations are subject to taxation.

Additionally, the bill introduces a delayed effective date, stating that it will take effect on January 1, 2026, and will apply to tax years beginning after December 31, 2025. This timeline allows for a transition period for businesses and property owners to adjust to the new taxation rules regarding intangible personal property.

Statutes affected:
LC Text: 15-6-218
SB0169_1(1): 15-6-218
SB0169_1(2): 15-6-218
SB0169_1(3): 15-6-218
SB0169_1(4): 15-6-218
SB0169_1(5): 15-6-218
SB0169_1(6): 15-6-218
SB0169_1: 15-6-218