The bill aims to revise Montana's alcoholic beverage laws by allowing licensed distilleries to market and sell interests in aging liquor through warehouse receipts. It introduces provisions for the resale of these warehouse receipts and permits the management and brokering of their sales. Notably, the bill clarifies that ownership of warehouse receipts does not equate to an ownership interest in the distillery business or its license. Additionally, it stipulates that the Department of Revenue will not require any applications or reports related to the sale or purchase of these warehouse receipts, provided the liquor remains on the distillery's licensed premises until it is transferred in accordance with the law.

The bill amends Sections 16-4-312 and 16-4-401 of the Montana Code Annotated (MCA) to incorporate these changes. It emphasizes that individuals holding warehouse receipts are not restricted from engaging in other legal activities regulated by the department. Furthermore, the bill establishes that the department cannot demand information regarding the sale or purchase of warehouse receipts, except for income tax enforcement purposes. The effective date for these changes is set for July 1, 2025.

Statutes affected:
LC Text: 16-4-312, 16-4-401
HB0549_1(1): 16-4-312, 16-4-401
HB0549_1(2): 16-4-312, 16-4-401
HB0549_1(3): 16-4-312, 16-4-401
HB0549_1(4): 16-4-312, 16-4-401
HB0549_1(5): 16-4-312, 16-4-401
HB0549_1: 16-4-312, 16-4-401
HB0549_X(1): 16-4-312, 16-4-401
HB0549_X(2): 16-4-312, 16-4-401
HB0549_X(3): 16-4-312, 16-4-401
HB0549_X(4): 16-4-312, 16-4-401
HB0549_X(5): 16-4-312, 16-4-401
HB0549_X: 16-4-312, 16-4-401