Transfer of tax credit for media production -- transfer fee

  1. Law
  2. Montana Code Annotated
  3. Taxation
  4. Corporate Income Tax or Alternative Corporate Income Tax
  5. Montana Economic Development
  6. Transfer of tax credit for media production -- transfer fee

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15-31-1008. Transfer of tax credit for media production -- transfer fee. (1) A tax credit for a state-certified production approved as provided in 15-31-1004 and 15-31-1005 and calculated pursuant to 15-31-1007 but not claimed by the production company may be transferred in whole or in part by the production company to another Montana taxpayer as provided in this section.

(2) A credit may be transferred only once each tax year. The transfer may involve one or more transferees.

(3) A transferee must acquire the credit for a minimum of 85% of its value.

(4) A transferred credit is subject to the carryforward period from the year in which the production company was eligible to claim the credit.

(5) A production company or taxpayer that transfers a tax credit shall submit to the department of revenue a written notification of the transfer of the tax credit within 30 days after the transfer. The notification must include the following information:

(a) the certification number of the state-certified production;

(b) the tax credit balance before and after the transfer;

(c) the tax identification number of the taxpayer to whom the credit was transferred;

(d) the amount of credit transferred; and

(e) any other information required by the department of revenue.

(6) The notification of the transfer of a tax credit must be accompanied by a fee equal to 2% of the value of the tax credit transferred. The transfer fee must be deposited in the general fund.

(7) A transferee has rights to claim the tax credit available to the production company or previous transferee only at the time of the transfer. If a production company or transferee did not have rights to claim the credit at the time of transfer, the department of revenue shall disallow the credit claimed by the taxpayer or recapture the credit. The transferee's recourse is against the production company or previous transferee and not against the state of Montana.

(8) The department shall administer the transfer of credits pursuant to this section.

History: En. Sec. 8, Ch. 352, L. 2019.


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