Montana Code 15-30-2342. Credit for preservation of historic buildings
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15-30-2342. Credit for preservation of historic buildings. (1) There is allowed as a credit against the taxes imposed by 15-30-2103 a percentage of the credit allowed for qualified rehabilitation expenditures with respect to any certified historic building located in Montana as provided in 15-31-151.
Terms Used In Montana Code 15-30-2342
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Property: means real and personal property. See Montana Code 1-1-205
(2)The credit may not be allocated between spouses unless the property is used by a small business corporation or a partnership in which they are shareholders or partners.