UNAPPROVED DRAFT BILL -- Subject to Change Without Notice!
BILL NO.
INTRODUCED BY
(Primary Sponsor)
A BILL FOR AN ACT ENTITLED: "AN ACT DELAYING THE EFFECTIVE DATE OF THE INDIVIDUAL INCOME TAX CAPITAL GAINS CREDIT FOR 2 YEARS; AMENDING SECTION 15-30-183, MCA, AND SECTIONS 61 AND 62, CHAPTER 544, LAWS OF 2003; AND PROVIDING AN IMMEDIATE EFFECTIVE DATE AND A RETROACTIVE APPLICABILITY DATE."
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:
Section 1. Section 15-30-183, MCA, is amended to read:
"15-30-183. Capital gains credit. An individual taxpayer is allowed a credit against the taxes imposed by 15-30-103 in an amount equal to 1% of the taxpayer's net capital gains for tax years 2005 2007 and 2006 2008 and 2% of the taxpayer's net capital gains for tax years beginning after 2006 2008, as shown on the taxpayer's individual income tax return filed pursuant to 15-30-142. The credit allowed under this section may not exceed the taxpayer's income tax liability."
Section 2. Section 61, Chapter 544, Laws of 2003, is amended to read:
"Section 61. Effective dates. (1) Except as provided in subsection (2), [this act] is effective on passage and approval.
(2) (a) [Sections 40 41 through 46 and 48] are effective January 1, 2005.
(b) [Section 40] is effective January 1, 2007."
Section 3. Section 62, Chapter 544, Laws of 2003, is amended to read:
"Section 62. Applicability. (1) [This act] applies to the sale of the following goods and services:
(a) cigarette and tobacco products sold on or after May 1, 2003;
(b) accommodation and campground charges under [section 3(1)(b) and (3)(a)(ii)] made on or after June 1, 2003; and
(c) base rental charges for rental vehicles under [section 3(1)(c) and (3)(a)(iii)] made on or after July 1, 2003.
(2) (a) [Sections 40 and 42 through 45] apply to tax years beginning after December 31, 2004.
(b) [Section 40] applies to tax years beginning after December 31, 2006.
(3) [Section 47] applies retroactively, within the meaning of 1-2-109, to years beginning after December 31, 2002."
NEW SECTION. Section 4. Effective date. [This act] is effective on passage and approval.
NEW SECTION. Section 5. Retroactive applicability. [This act] applies retroactively, within the meaning of 1-2-109, to December 31, 2004.
- END -
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