Montana Code 15-30-3328. Pass-through entity tax — refundable credit — credit for taxes paid to another state
15-30-3328. Pass-through entity tax — refundable credit — credit for taxes paid to another state. (1) An owner that is not a pass-through entity may claim the distributive share of the owner’s entity tax paid by an electing pass-through entity as a refundable credit against the taxes under this chapter.
Terms Used In Montana Code 15-30-3328
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(2)An owner that is an electing pass-through entity shall claim its distributive share of entity tax paid by another pass-through entity as a refundable credit against the taxes under 15-30-3312, 15-30-3313, or 15-30-3326(1).
(3)An owner that is not an electing pass-through entity must allocate its distributive share of entity tax paid by another pass-through entity and any amount of estimated tax paid to owners subject to tax under this chapter based on the owner’s share of profit and loss. The owner that is not an electing pass-through entity may claim the remainder as an overpayment or refund.
(4)Sections 15-30-3325 through 15-30-3328 do not prevent a resident owner from claiming a credit for taxes paid to another state as provided in 15-30-2302.