House Bill No. [insert bill number] seeks to stimulate the growth of ammunition component manufacturing businesses in Montana by offering a range of tax exemptions. The bill introduces provisions that exempt these manufacturers from property taxes, individual and corporate income taxes, and other business-related taxes, contingent upon their commitment to making products available to in-state consumers at competitive prices. Additionally, lenders or investors who finance these manufacturers are also eligible for tax exemptions, provided they adhere to similar conditions. The bill amends the Montana Code Annotated (MCA) to clarify that these exemptions apply solely to income and property directly associated with ammunition component manufacturing, while also deleting references to a retroactive applicability date and a termination date.

Moreover, the bill includes amendments to tax laws affecting married taxpayers and military pensions. It allows married couples to jointly elect to treat half of their contributions to certain accounts as made by each spouse, with a maximum taxable income reduction of $3,000. It also establishes a new subtraction from federal taxable income for military pension or retirement income, limited to five consecutive years for eligible residents. The definition of "gross income" for corporations is amended to exclude income from the manufacture of ammunition components and bona fide loans to these manufacturers. The bill encompasses provisions for codification, severability, effective date, and a termination date set for December 31, 2035, aiming to provide tax relief and clarity for specific groups while ensuring compliance with existing tax regulations.

Statutes affected:
LC Text: 15-6-219, 15-30-2120, 15-31-113
HB0329_1(1): 15-6-219, 15-30-2120, 15-31-113
HB0329_1(10): 15-6-219, 15-30-2120, 15-31-113
HB0329_1(2): 15-6-219, 15-30-2120, 15-31-113
HB0329_1(3): 15-6-219, 15-30-2120, 15-31-113
HB0329_1(4): 15-6-219, 15-30-2120, 15-31-113
HB0329_1(5): 15-6-219, 15-30-2120, 15-31-113
HB0329_1(6): 15-6-219, 15-30-2120, 15-31-113
HB0329_1(7): 15-6-219, 15-30-2120, 15-31-113
HB0329_1(8): 15-6-219, 15-30-2120, 15-31-113
HB0329_1(9): 15-6-219, 15-30-2120, 15-31-113
HB0329_1: 15-6-219, 15-30-2120, 15-31-113
HB0329_2(1): 15-6-219, 15-30-2120, 15-31-113
HB0329_2(10): 15-6-219, 15-30-2120, 15-31-113
HB0329_2(11): 15-6-219, 15-30-2120, 15-31-113
HB0329_2(12): 15-6-219, 15-30-2120, 15-31-113
HB0329_2(13): 15-6-219, 15-30-2120, 15-31-113
HB0329_2(14): 15-6-219, 15-30-2120, 15-31-113
HB0329_2(15): 15-6-219, 15-30-2120, 15-31-113
HB0329_2(2): 15-6-219, 15-30-2120, 15-31-113
HB0329_2(3): 15-6-219, 15-30-2120, 15-31-113
HB0329_2(4): 15-6-219, 15-30-2120, 15-31-113
HB0329_2(5): 15-6-219, 15-30-2120, 15-31-113
HB0329_2(6): 15-6-219, 15-30-2120, 15-31-113
HB0329_2(7): 15-6-219, 15-30-2120, 15-31-113
HB0329_2(8): 15-6-219, 15-30-2120, 15-31-113
HB0329_2(9): 15-6-219, 15-30-2120, 15-31-113
HB0329_2: 15-6-219, 15-30-2120, 15-31-113
HB0329_3(1): 15-6-219, 15-30-2120, 15-31-113
HB0329_3(2): 15-6-219, 15-30-2120, 15-31-113
HB0329_3(3): 15-6-219, 15-30-2120, 15-31-113
HB0329_3(4): 15-6-219, 15-30-2120, 15-31-113
HB0329_3(5): 15-6-219, 15-30-2120, 15-31-113
HB0329_3: 15-6-219, 15-30-2120, 15-31-113