House Bill No. [insert bill number] requires exempt entities to report the beneficial use of property to the Department of Revenue. Specifically, it mandates that entities that lease property for the beneficial use of a nonexempt entity must submit an annual report detailing the leased property and a copy of the lease agreement. If the beneficial use is not properly reported, the property will be subject to taxation under existing provisions. The bill amends Section 15-6-201 of the Montana Code Annotated (MCA) to clarify these reporting requirements and the conditions under which property owned by exempt entities may be taxed.

Additionally, the bill introduces a new section that codifies these reporting requirements as part of Title 15, chapter 6, part 2 of the MCA. The amendments aim to ensure transparency and compliance among exempt entities regarding the use of their properties, thereby allowing for appropriate tax assessments when necessary. The bill emphasizes the importance of accurate reporting to maintain the integrity of property tax exemptions for eligible entities.

Statutes affected:
LC Text: 15-6-201
HB0025_1(1): 15-6-201
HB0025_1(2): 15-6-201
HB0025_1: 15-6-201