Administrative Rules of Montana
Department 42 - REVENUE
Chapter 42.15 - INCOME TAX
Subchapter 42.15.5 - Deductions
Rule 42.15.510 - DEFINITIONS
Universal Citation: MT Admin Rules 42.15.510
Current through Register Vol. 18, September 20, 2024
The following definitions apply to rules found in this subchapter:
(1) "Nonbusiness deduction" has the same meaning as nonbusiness deduction for federal income tax purposes when computing a net operating loss and includes the following Montana items:
(a) the standard deduction provided in
15-30-2132, MCA;
(b) the deduction for federal income taxes
provided in
15-30-2131, MCA, to the extent not
attributable to business profits;
(c) the deduction for political contributions
provided in
15-30-2131, MCA;
(d) the part of the deduction for expenses
for organic and byproduct inorganic fertilizer provided in
15-30-2131, MCA, that is not a
trade or business expense;
(e) the
deduction for payments for premiums for medical care and for premiums and
certificates for long-term care provided in
15-30-2131, MCA;
(f) the deduction for a light vehicle
registration fee provided in
15-30-2131, MCA, if it is not a
trade or business expense;
(g) the
deduction for the patriotic license plate surcharge provided in
15-30-2142, MCA, if it is not a
trade or business expense;
(h) the
deduction for per capita livestock fees if they are not trade or business
expenses; and
(i) the deductions
for charitable contributions, including contributions to the child abuse and
neglect prevention program provided in
15-30-2131 and
15-30-2143, MCA, donations of
computer equipment to schools by small business corporations provided in
15-31-172, MCA, and donations to
the veterans' services account or the state veterans' cemetery program provided
in 15-30-2142, MCA.
(2) "Nonbusiness income" has the same meaning as nonbusiness income for federal income tax purposes when computing a net operating loss and includes the following Montana items:
(a) interest on the obligations of another
state or territory and mutual fund dividends attributable to the
interest;
(b) federal income tax
refunds and other recoveries of nonbusiness deductions in a prior tax year that
reduced Montana income tax;
(c)
income attributable to the unqualified withdrawals from medical savings
accounts provided in
15-61-203, MCA, and the
unqualified withdrawals from first-time home buyer savings accounts provided in
15-63-203, MCA; and
(d) decrease in the federal charitable
contribution deduction attributable to claiming a charitable endowment tax
credit.
15-30-2620, MCA; IMP, 15-30-2101, 15-30-2119, MCA;
Disclaimer: These regulations may not be the most recent version. Montana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
