42.4.4112    RECORDS REQUIRED - AUDIT

(1) Taxpayers shall maintain records necessary to support their entitlement to and qualification for the property tax exemption, property tax abatement, or income tax credit.

(2) For the Alternative Energy Production Credit, such records must include:

(a) if the alternative energy renewable source is a small hydroelectric generator producing less than one megawatt of electricity or the commercial system is a five megawatt or larger system located within the exterior boundaries of a Montana Indian reservation, source documents detailing the total capacity of the system;

(b) total investment in the commercial or net metering system;

(c) gross revenues associated with the commercial or net metering system;

(d) expenses associated with the commercial or net metering system; and

(e) if the alternative energy equipment supplies the basic energy needed to a new or expanded business facility as referenced in 15-32-402(1)(b), MCA, a copy of the direct sales contract.

(3) The records shall be maintained by the taxpayer for the appropriate statutory period of time that the property tax exemption, property tax abatement, or income tax credit may be received by the taxpayer, plus one year. Such records shall be subject to audit by the department at any time during the period to determine whether the provisions of the contract are being met.

History: 15-1-201, 15-30-2620, 15-31-501, 15-32-407, MCA; IMP, 15-32-402, 15-32-404, 15-32-405, 15-32-406, MCA; NEW, 2002 MAR p. 2924, Eff. 10/18/02; AMD and TRANS, from ARM 42.4.119, 2004 MAR p. 1965, Eff. 8/20/04; AMD, 2010 MAR p. 1407, Eff. 6/11/10.