Terms Used In Montana Code > Title 15 > Chapter 31 - Corporate Income Tax or Alternative Corporate Income Tax

• Affiliate: means a subsidiary of which more than 50% of the voting stock is owned directly by the parent corporation or another member of the Montana combined group. See Montana Code 15-31-1003
• Amortization: Paying off a loan by regular installments.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Base investment: means the amount expended by a production company as production expenditures and compensation incurred in this state that are directly used in a state-certified production. See Montana Code 15-31-1003
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Compensation: means Montana wages, salaries, commissions, payments to a loan-out company subject to the provisions of subsection (3)(c), union benefits, fringe benefits, and any other form of remuneration paid to employees for personal services performed in this state. See Montana Code 15-31-1003
• Conviction: A judgement of guilt against a criminal defendant.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Dependent: A person dependent for support upon another.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Donee: The recipient of a gift.
• Executive branch agency: means a department, board, commission, office, bureau, or other public authority of the executive branch of state government. See Montana Code 2-6-1002
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Fiduciary: A trustee, executor, or administrator.
• Fraud: Intentional deception resulting in injury to another.
• Game platform: means the electronic delivery system used to launch or play an interactive game. See Montana Code 15-31-1003
• Game sequel: means an interactive game that builds on the theme of a previously released interactive game, is distinguished by a new title, and features objectives or characters that are recognizably different from those in the original game. See Montana Code 15-31-1003
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Governing body: means the legislative authority of a local government. See Montana Code 7-4-502
• Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
• Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
• Lien: A claim against real or personal property in satisfaction of a debt.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Loan-out company: means a personal service company contracted with and retained by a production company to provide individual personnel who are not employees of the production company, including actors, directors, producers, writers, production designers, production managers, costume designers, directors of photography, editors, casting directors, first assistant directors, second unit directors, stunt coordinators, and similar personnel, for performance of services used directly in a qualified production activity. See Montana Code 15-31-1003
• Local government: means any city, town, county, consolidated city-county, or school district. See Montana Code 7-4-502
• Local government: means a city, town, county, consolidated city-county, special district, or school district or a subdivision of one of these entities. See Montana Code 2-6-1002
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Multimarket commercial distribution: means paid commercial distribution that extends to markets outside the state. See Montana Code 15-31-1003
• Oath: A promise to tell the truth.
• Oath: includes an affirmation or declaration. See Montana Code 1-1-201
• 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.
• Personal property: All property that is not real property.
• Personal property: means money, goods, chattels, things in action, and evidences of debt. See Montana Code 1-1-205
• Postproduction company: means a company that:

  (i)maintains a business location physically located in this state;

  (ii)is engaged in qualified postproduction activities;

  (iii)meets the requirements of 15-31-1005(4); and

  (iv)has been approved by the department of commerce to claim the credit provided for in 15-31-1009. See Montana Code 15-31-1003

• Printing: means the act of reproducing a design on a surface by any process. See Montana Code 1-1-203
• Production company: means a company primarily engaged in qualified production activities that have been approved by the department of commerce. See Montana Code 15-31-1003
• Production expenditure: means a preproduction or production expenditure incurred in Montana that is directly used for a qualified production activity including:

  (i)set construction and operation;

  (ii)wardrobes, makeup, accessories, and related services;

  (iii)costs associated with photography and sound synchronization expenditures, excluding license fees, incurred with Montana companies for sound recordings and musical compositions, lighting, or related services and materials;

  (iv)editing and related services;

  (v)rental of facilities and equipment;

  (vi)leasing of vehicles, whether to be photographed or to transport people, equipment, or materials;

  (vii)lodging costs, including hotel rooms and private housing rentals paid for by the production company;

  (viii)per diem and living allowance paid to staff, cast, and crew members;

  (ix)digital, film, or tape editing, film processing, transfers of film to tape or digital format, sound mixing, computer graphics services, special effects services, visual effects services, and animation services;

  (x)airfare, if purchased through a Montana travel agency or travel company;

  (xi)insurance costs and bonding, if purchased through a Montana insurance agency; and

  (xii)other direct costs of producing the project in accordance with generally accepted entertainment industry practices and generally accepted accounting principles. See Montana Code 15-31-1003

• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Qualified production: means a new film, video, or digital project including only feature films, series for theaters, television, or streaming, pilots, movies and scripted shows made for television or streaming, televised commercial advertisements, music videos, corporate videos, industrial films, production for website creation, television specials, sports events, video games, interactive entertainment, prereleased interactive games, and sound recording projects used in a feature film, series, pilot, or movie for television. See Montana Code 15-31-1003
• Qualified production activity: means the production of a new film, video, or digital project in this state and approved by the department of commerce, including only feature films, series for theaters, television, or streaming, pilots, movies and scripted shows made for television or streaming, televised commercial advertisements, music videos, corporate videos, industrial films, production for website creation, television specials, sports events, video games, interactive entertainment, prereleased interactive games, and sound recording projects used in a feature film, series, pilot, or movie for television. See Montana Code 15-31-1003
• Records manager: means an individual designated by a public agency to be responsible for coordinating the efficient and effective management of the agency's public records and information. See Montana Code 2-6-1002
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• 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.
• Resident: has the meaning provided in 15-30-2101. See Montana Code 15-31-1003
• Service of process: The service of writs or summonses to the appropriate party.
• State records committee: means the state records committee provided for in 2-6-1107. See Montana Code 2-6-1002
• State-certified production: means a production engaged in qualified production activities and certified by the department of commerce as provided in 15-31-1004. See Montana Code 15-31-1003
• Statute: A law passed by a legislature.
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• Subpoena: A command to a witness to appear and give testimony.
• Trustee: A person or institution holding and administering property in trust.
• Underserved area: means a county in this state in which 14% or more people of all ages are in poverty as determined by the U. See Montana Code 15-31-1003