Bill Summary – FastDemocracy

67th Legislature                                                                                               HB 431.1
  1                                                 HOUSE BILL NO. 431
  2                                           INTRODUCED BY M. DUNWELL
  3
  4    A BILL FOR AN ACT ENTITLED: “AN ACT PROVIDING THAT CERTAIN PERSONAL PROPERTY IS NO
  5    LONGER EXEMPT FROM PROPERTY TAXATION; REVISING THE DEFINITION OF "INTANGIBLE
  6    PERSONAL PROPERTY"; PROVIDING A TRANSITION SECTION FOR DETERMINING WHEN CERTAIN
  7    PERSONAL PROPERTY IS TREATED AS NEWLY TAXABLE PROPERTY; AMENDING SECTION 15-6-218,
  8    MCA; AND PROVIDING AN IMMEDIATE EFFECTIVE DATE AND AN APPLICABILITY DATE.”
  9
 10    BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:
 11
 12            Section 1. Section 15-6-218, MCA, is amended to read:
 13            "15-6-218. Intangible personal property exemption. (1) Intangible personal property is exempt from
 14    taxation.
 15            (2) For the purposes of this section, "intangible personal property" means personal property that is not
 16    tangible personal property and that:
 17            (a) has no intrinsic value but is the representative or evidence of value, including but not limited to
 18    certif icates of stock, bonds, promissory notes, licenses, copyrights, patents, trademarks, contracts, custom
 19    sof tware, and franchises; or
 20            (b) lacks physical existence, including but not limited to goodwill.
 21            (3) To the extent that the unit value of centrally assessed property includes intangible personal
 22    property, that value must be removed from the unit value."
 23
 24            NEW SECTION. Section 2. Transition. Personal property that becomes subject to taxation under the
 25    provisions of [this act] on or before January 1, 2022, is not treated as newly taxable property under 15-10-420.
 26
 27            NEW SECTION. Section 3. Saving clause. [This act] does not affect rights and duties that matured,
 28    penalties that were incurred, or proceedings that were begun before [the effective date of this act].
                                                              -1-                     Authorized Print Version – HB 431
67th Legislature                                                                                          HB 431.1
  1
  2            NEW SECTION. Section 4. Effective date. [This act] is effective on passage and approval.
  3
  4            NEW SECTION. Section 5. Applicability. [This act] applies to tax years beginning after December
  5    31, 2021.
  6                                                     - END -
                                                         -2-                   Authorized Print Version – HB 431
Statutes affected: 
Introduced: 15-6-218