summary
Introduced
01/17/2025
01/17/2025
In Committee
01/21/2025
01/21/2025
Crossed Over
Passed
Dead
05/23/2025
05/23/2025
Introduced Session
2025 Regular Session
Bill Summary
AN ACT ENTITLED: “AN ACT PROVIDING THAT CERTAIN PERSONAL PROPERTY IS NOT EXEMPT FROM PROPERTY TAXATION; REVISING THE DEFINITION OF "INTANGIBLE PERSONAL PROPERTY"; AMING SECTION 15-6-218, MCA; AND PROVIDING A DELAYED EFFECTIVE DATE AND AN APPLICABILITY DATE.”
AI Summary
This bill revises Montana's property tax law regarding intangible personal property by clarifying and narrowing the definition of what qualifies as tax-exempt. The bill specifies that intangible personal property (such as stocks, bonds, patents, trademarks, software, and franchises) is only exempt from taxation if it is not integral to the operation of a business or a centrally assessed utility. Previously, the law provided a broader exemption for intangible property with no intrinsic value. The bill now explicitly excludes property used as an integral part of business operations from the exemption, which means some intangible assets that were previously tax-exempt may now be subject to taxation. The changes will take effect on January 1, 2026, and will apply to tax years beginning after December 31, 2025, giving businesses and tax authorities time to prepare for the new definition and potential tax implications.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
(S) Died in Process (on 05/23/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://bills.legmt.gov/#/laws/bill/2/LC0021 |
| State Bill Page | https://bills.legmt.gov/#/lc/bill/2/LC0021 |
| Fiscal Note SB0169_1 | https://docs.legmt.gov/download-ticket?ticketId=13bdcd01-8229-40b8-a717-3a70169e3c22 |
| BillText | https://docs.legmt.gov/download-ticket?ticketId=2fdaffec-60ed-4fb7-ae54-fd3ac52174f0 |
| BillText | https://api.legmt.gov/docs/v1/documents/getContent?documentId=269693 |
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