42.4.2302    CLAIMING THE UNLOCKING PUBLIC LANDS TAX CREDIT

(1) To claim the unlocking public lands tax credit, a taxpayer shall file a Montana tax return (Form 2 for individuals, Form FID-3 for estates and trusts, or Form CIT for C corporations), whether or not they are otherwise required to file a tax return for the year the credit is being claimed.

(2) A taxpayer who files a tax return on a calendar year basis shall claim the credit for the tax year in which the agreement applied.

(3) A taxpayer who files a tax return on a fiscal year basis shall claim the credit for the tax year in which the agreement was certified by the Montana Department of Fish, Wildlife and Parks.

(4) The taxpayer shall include copies of all tax certification numbers, agreements, and supporting documents when filing their return. If the return is filed electronically using software that does not support attachments, the taxpayer shall retain the information and provide it to the department upon request.

(5) When reviewing a claim for the credit, the department may request additional information to determine a taxpayer's eligibility for the allocation of the credit being claimed. This information may include, but is not limited to:

(a) documentation establishing ownership and ownership percentage of the parcel(s);

(b) a Montana Schedule K-1 issued by a partnership, S corporation, or fiduciary indicating the partner, shareholder, or beneficiary's share of the credit; or

(c) a return filed by a partnership, S corporation, or fiduciary including information showing the owners of the entity.

 

History: 15-1-201, MCA; IMP, 15-30-2380, 87-1-294, MCA; NEW, 2014 MAR p. 2659, Eff. 10/24/14; AMD, 2017 MAR p. 2095, Eff. 11/10/17.