Montana Code 15-36-309. Certain royalties exempt
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15-36-309. Certain royalties exempt. Exempt from taxation are royalties received by:
Terms Used In Montana Code 15-36-309
- gas: means all natural gases, hydrocarbon gases, all forms of inert gas, and all other fluid hydrocarbons as produced at the wellhead and not defined as oil under 82-1-111. See Montana Code 15-36-303
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Oil: means crude petroleum or mineral oil and other hydrocarbons, regardless of gravity, that are produced at the wellhead in liquid form and that are not the result of condensation of gas after it leaves the wellhead. See Montana Code 15-36-303
- 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
- Trustee: A person or institution holding and administering property in trust.
- United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
(1)an Indian tribe with respect to on-reservation oil and gas production pursuant to a lease entered into under the Indian Mineral Leasing Act of 1938, 25 U.S.C. § 396a through 396g;
(2)the United States as trustee for individual Indians; and
(3)the United States, the state of Montana, or a county or municipal government in Montana.