2001 Montana Legislature

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SENATE BILL NO. 514

INTRODUCED BY L. GROSFIELD

Montana State Seal

AN ACT REVISING TAX LAWS BY REQUIRING THAT INFORMATION AGENTS REPORT PROCEEDS FROM REAL ESTATE TRANSACTIONS THAT UNDER RULES OR REGULATIONS OF THE INTERNAL REVENUE SERVICE ARE REQUIRED TO BE REPORTED; ALLOWING THE DEPARTMENT OF REVENUE TO PROVIDE MORE METHODS OF REPORTING BY INFORMATION AGENTS; PROVIDING A PENALTY; REQUIRING A REPORT TO THE REVENUE AND TAXATION INTERIM COMMITTEE; AMENDING SECTION 15-30-301, MCA; AND PROVIDING AN EFFECTIVE DATE AND A TERMINATION DATE.



BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:



     Section 1.  Section 15-30-301, MCA, is amended to read:

     "15-30-301.  Information agents' duties. (1) Every information agent shall make a return to the department of complete information concerning the following distributions made for any individual during the taxable tax year upon which no withholding tax has been deducted:

     (a)  sums in excess of $10 distributed as dividends, interest as defined in section 6049 of the Internal Revenue Code of 1965 or as that section may be amended, royalties, and payments made under a retirement plan covering an owner-employee as defined in section 401(c)(3) of the Internal Revenue Code of 1965 or as that section may be amended;

     (b)  all interest income in excess of $10 from obligations of another state and a county, municipality, district, or other political subdivision of that state;

     (c)  interest, other than that specified in subsections (1)(a) and (1)(b), rents, salaries, wages, prizes, awards, annuities, pensions, and other fixed or determinable gains, profits, and income in excess of $600, except interest coupons payable to the bearer;

     (d) proceeds from real estate transactions that under rules or regulations of the internal revenue service are required to be reported.

     (2)  The return should be made under the regulations and in the form and manner prescribed by the department; provided, however, that for. For ease of reporting, the form shall should be as nearly identical to the comparable federal form as possible or the department may allow submission of a copy of the federal form or submission by magnetic media or in electronic format.

     (3) Notwithstanding the provisions of 15-30-321, an information agent who fails to file a return under the provisions of subsection (1)(d) is subject only to a penalty of $50 a return."



     Section 2.  Report to revenue and taxation interim committee. The department of revenue shall monitor the reports filed pursuant to 15-30-301(1)(d) and report to the revenue and taxation interim committee, on a periodic basis, the results of requiring the reporting and any other factors the department may notice as a result of the required reporting.



     Section 3.  Effective date. [This act] is effective July 1, 2001.



     Section 4.  Termination. [This act] terminates December 31, 2004.

- END -




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