(1) A cor-poration is allowed a credit against its Montana corporation license tax liability for "public contractor's gross receipts tax" paid pursuant to the provisions of 15-50-205 and 15-50-206, MCA.   The credit is allowed with respect to the corporation's Montana corporation license tax liability determined for the taxable period within which the net income from contracts subject to the gross receipts tax is reported.   If the corporation reports its income from contracts on a percentage of completion basis, the credit must be allocated accordingly. The amount of credit allowable is the net public contractor's gross receipts tax (after personal property tax credit) actually imposed against and paid by the corporation but not in excess of its Montana corporation license tax liability.   The credit is allowed without regard to the fact that the public contractor's gross receipts tax is an allowable deduction in determining net income subject to Montana corporation license tax.

(2) In the event the public contractor's gross receipts tax is paid by a joint venture or a partnership, the members thereof shall be entitled to the credit for the tax as their respective interests appear.