SENATE BILL NO. 371
INTRODUCED BY E. STONINGTON
A BILL FOR AN ACT ENTITLED: "AN ACT PROVIDING FOR A REDUCED TAX RATE ON NET CAPITAL GAIN; AND PROVIDING AN IMMEDIATE EFFECTIVE DATE AND A RETROACTIVE APPLICABILITY DATE."
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:
NEW SECTION. Section 1. Tax on net capital gains. (1) There is imposed a separate tax on the entire amount of net capital gain determined for federal income tax purposes under 26 U.S.C. 1 (h).
(2) Net capital gain is taxed according to the brackets of taxable income contained in 15-30-103(1), as adjusted under 15-30-103(2), at the tax rate applicable to the bracket of taxable income of the net capital gain, less 1 percentage point.
NEW SECTION. Section 2. Codification instruction. [Section 1] is intended to be codified as an integral part of Title 15, chapter 30, part 1, and the provisions of Title 15, chapter 30, part 1, apply to [section 1].
NEW SECTION. Section 3. Effective date. [This act] is effective on passage and approval.
NEW SECTION. Section 4. Retroactive applicability. [This act] applies retroactively, within the meaning of 1-2-109, to tax years or tax periods beginning after December 31, 2002.
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Latest Version of SB 371 (SB0371.01)
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