Senate Bill No. [insert bill number] aims to provide tax incentives for the sale of goods produced in Montana by amending existing tax laws. The bill introduces a subtraction from both individual and corporate income taxes for fifty percent of the net income derived from the sale of Montana-produced goods, as defined in the bill. Additionally, it amends the definition of "gross income" for corporate tax purposes to include this same fifty percent of net income from the sale of Montana-produced goods. The bill also clarifies what constitutes Montana-produced goods, specifying that they include items that are planted, cultivated, grown, harvested, raised, collected, processed, or manufactured within the state.

The bill outlines that these changes will take effect for income tax years beginning after December 31, 2025. The new legal language inserted into the current law includes the definition of "Montana-produced goods" and the specific tax incentives related to them, while also deleting certain provisions that are no longer applicable. This legislation is designed to support local businesses and promote the sale of goods produced within Montana, ultimately aiming to boost the state's economy.

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(3): 15-30-2120, 15-31-113
SB0371_1(4): 15-30-2120, 15-31-113
SB0371_1(5): 15-30-2120, 15-31-113
SB0371_1: 15-30-2120, 15-31-113