Bill > HB94

This bill amends Montana's tax record confidentiality laws to allow the Commissioner of Securities and Insurance to access tax records for investigating potential fraud, noncompliance, and abuse in securities and insurance sectors. Specifically, the bill modifies existing statutes to permit the Department of Revenue to share taxpayer return information and employers' payroll withholding reports with the Office of the Montana State Auditor (the Commissioner of Securities and Insurance) for the purpose of investigating and preventing fraud and noncompliance under securities and insurance laws. The bill adds two key provisions: first, in section 6, it allows the Department of Revenue to provide tax information to the securities and insurance commissioner for investigative purposes, and second, in section 8, it creates a new subsection (h) that explicitly allows the department to furnish tax-related information to the office of the state auditor for investigating potential fraud, detecting noncompliance, and preventing abuse in securities and insurance sectors. This change aims to enhance regulatory oversight and improve the ability of state agencies to detect and prevent financial misconduct by enabling better information sharing between state departments.

Business and Industry, Government Affairs

https://bills.legmt.gov/#/laws/bill/2/LC0103