SENATE BILL NO. 2
INTRODUCED BY M. SPRAGUE
AN ACT REDUCING THE ANNUAL ASSESSMENT CHARGED AGAINST THE VALUE OF ASSETS HELD FOR SAFEKEEPING BY A FOREIGN CAPITAL DEPOSITORY FROM 1.5 PERCENT TO 0.75 PERCENT; CLARIFYING THE CALCULATION OF THE ASSESSMENT; AMENDING SECTION 15-31-803, MCA; AND PROVIDING AN IMMEDIATE EFFECTIVE DATE.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:
Section 1. Section 15-31-803, MCA, is amended to read:
"15-31-803. (Temporary) State revenue -- assessment -- collection -- distribution. (1) A foreign capital depository
shall pay to the department on June 15 and December 15 of each year a fee that is equal to 0.75% 0.375% of the total
average value of assets on deposit or in a safe deposit box. The total annual rate of assessment is 1.5% 0.75%. Each
semiannual assessment must be based on the average balance, at the close of the last business day of the month in each of
the 6-month periods prior to June 15 and December 15, of the total value of the assets on deposit or in safe deposit boxes.
(2) The basis of the value ascribed to each asset is:
(a) the U.S. dollar exchange value of the currency on deposit on the date of assessment;
(b) the spot market price of the platinum, palladium, gold, or silver held in precious metals accounts, as defined in 32-8-402, as published in The Wall Street Journal on the date of assessment; or
(c) the market value of other tangible personal property held in safe deposit boxes or other accounts at the time of the assessment, as determined by the depository using a method approved by the department. The depository shall submit to the department within 60 days of the appraisal a report that documents the method and calculations of the appraisal.
(3) The semiannual assessment fee must be deposited into the general fund. (Terminates September 30, 2012--sec. 90, Ch. 382, L. 1997.)"
Section 2. Effective date. [This act] is effective on passage and approval.
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Latest Version of SB 2 (SB0002.ENR)
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