Senate Bill No. [insert bill number] aims to provide tax incentives for the sale of goods produced in Montana by amending existing tax laws. Specifically, it introduces a provision that allows for a subtraction from both individual and corporate income taxes for fifty percent of the net income derived from the sale of Montana-produced goods. The bill also defines "Montana-produced goods" as items that are planted, cultivated, grown, harvested, raised, collected, processed, or manufactured within the state, including food, drink, crafts, and other goods produced by small businesses operating primarily in Montana.

In addition to the new tax incentives, the bill amends Sections 15-30-2120 and 15-31-113 of the Montana Code Annotated (MCA) to incorporate these changes. The amendments include the addition of the definition of Montana-produced goods and the specific tax benefits associated with them. The bill stipulates that these provisions will apply to income tax years beginning after December 31, 2025, thereby providing a timeline for implementation.

Statutes affected:
LC Text: 15-30-2120, 15-31-113
SB0371_1(1): 15-30-2120, 15-31-113
SB0371_1(2): 15-30-2120, 15-31-113
SB0371_1: 15-30-2120, 15-31-113