House Bill No. [insert bill number] aims to provide tax incentives for the sale of food produced in Montana by amending existing tax laws. Specifically, it introduces a subtraction from both individual and corporate income taxes for 50% of the net income generated from the sale of Montana-produced food at the point of sale to the ultimate consumer. The bill amends Sections 15-30-2120 and 15-31-113 of the Montana Code Annotated (MCA), removing certain language while adding provisions that define "Montana-produced food" and outline the reporting requirements for taxpayers.

Additionally, the bill establishes a delayed effective date of January 1, 2026, and specifies that it applies to income tax years beginning after December 31, 2025. It also includes a termination date of December 31, 2031, for the provisions outlined in the act. The amendments aim to support local agriculture and food production by incentivizing the sale of locally produced food products through tax relief measures.

Statutes affected:
LC Text: 15-30-2120, 15-31-113
HB0440_1(1): 15-30-2120, 15-31-113
HB0440_1(2): 15-30-2120, 15-31-113
HB0440_1(3): 15-30-2120, 15-31-113
HB0440_1(4): 15-30-2120, 15-31-113
HB0440_1(5): 15-30-2120, 15-31-113
HB0440_1: 15-30-2120, 15-31-113
HB0440_2(1): 15-30-2120, 15-31-113
HB0440_2(2): 15-30-2120, 15-31-113
HB0440_2(3): 15-30-2120, 15-31-113
HB0440_2(4): 15-30-2120, 15-31-113
HB0440_2(5): 15-30-2120, 15-31-113
HB0440_2(6): 15-30-2120, 15-31-113
HB0440_2(7): 15-30-2120, 15-31-113
HB0440_2(8): 15-30-2120, 15-31-113
HB0440_2: 15-30-2120, 15-31-113