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Rule Title: COMPUTATION OF TAX CREDIT FOR PRESERVATION OF HISTORIC PROPERTY FOR MARRIED TAXPAYERS
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Department: REVENUE
Chapter: TAX CREDITS
Subchapter: Individual and Corporation - Historic Property Preservation
 
Latest version of the adopted rule presented in Administrative Rules of Montana (ARM):

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42.4.2903    COMPUTATION OF TAX CREDIT FOR PRESERVATION OF HISTORIC PROPERTY FOR MARRIED TAXPAYERS

(1) If property qualifying for the credit is owned by a husband and wife, the credit may be applied to their joint tax liability if filing a joint tax return.

(2) If husband and wife file separately, and the property is jointly held, the credit must be computed individually by each spouse and applied to the corresponding tax liabilities.

(3) When filing separately, one spouse's credit cannot be applied to the other spouse's tax liability.

(4) Carryovers of unused preservation credit may only be applied to the tax liability of the spouse who is entitled to claim the credit. If in a carryover year husband and wife who previously filed separately, now file a joint return, carryover credits must be applied separately to each spouse's share of the joint tax liability.

History: 15-30-2620, MCA; IMP, 15-30-2342, 15-31-151, MCA; NEW, 1998 MAR p. 184, Eff. 1/16/98; AMD and TRANS, from ARM 42.15.521, 2004 MAR p. 1965, Eff. 8/20/04; AMD, 2010 MAR p. 1209, Eff. 5/14/10.


 

 
MAR Notices Effective From Effective To History Notes
42-2-822 5/14/2010 Current History: 15-30-2620, MCA; IMP, 15-30-2342, 15-31-151, MCA; NEW, 1998 MAR p. 184, Eff. 1/16/98; AMD and TRANS, from ARM 42.15.521, 2004 MAR p. 1965, Eff. 8/20/04; AMD, 2010 MAR p. 1209, Eff. 5/14/10.
8/20/2004 5/14/2010 History: Sec. 15-30-305, MCA; IMP, Sec. 15-30-180 and 15-31-151, MCA; NEW, 1998 MAR p. 184, Eff. 1/16/98; AMD and TRANS, from ARM 42.15.521, 2004 MAR p. 1965, Eff. 8/20/04.
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