Montana Code Annotated 2019



Part 21. Rate and General Provisions

Independent Liability Fund -- Deductibility

15-30-2141. Independent liability fund -- deductibility. (1) The amount of contributions made by a small business to its independent liability fund as defined in 33-27-103 is deductible to that small business on its Montana individual income tax return for the taxable year in which the contributions are made to the fund.

(2) Administrative costs under 33-27-117(1), except those paid from the principal of an independent liability fund, are deductible on Montana individual income tax returns for the fiscal year in which they are paid or accrued.

(3) Income on the money, assets, and investments in an independent liability fund as defined in 33-27-103 may be contributed to the fund. If it is not so contributed, it is taxable in accordance with the applicable provisions of this chapter.

History: En. Secs. 9, 11, 14, Ch. 564, L. 1987; Sec. 15-30-127, MCA 2007; redes. 15-30-2141 by Sec. 1, Ch. 147, L. 2009.