House Bill No. introduced by K. Seekins-Crowe proposes to amend Section 15-31-1010 of the Montana Code Annotated to increase the limit on film tax credits under the Montana Economic Development Industry Advancement Act. The bill raises the total claims for tax credits from $12 million to $350 million in a calendar year. It maintains the first-come, first-served basis for claims and allows taxpayers whose claims are disallowed due to reaching the calendar year limit to carry over their credits to the next year without extending the carry forward periods.

Additionally, the bill includes provisions for the Department of Commerce to post the amount of available tax credits on its website and allows the Department of Revenue to waive penalties and interest for disallowed claims. The act is set to take effect immediately upon passage and approval, with applicability for income tax years beginning after December 31, 2024.

Statutes affected:
LC Text: 15-31-1010
HB0200_1(1): 15-31-1010
HB0200_1(2): 15-31-1010
HB0200_1(3): 15-31-1010
HB0200_1(4): 15-31-1010
HB0200_1(5): 15-31-1010
HB0200_1(6): 15-31-1010
HB0200_1: 15-31-1010