(1) Except as provided in (2) below, independent political committees which are not incidental committees shall file a year-end closing report pursuant to 13-37-226(5) (c) , MCA.   The closing date of books for the report is December 31 and the report shall be filed with the appropriate filing officers no later than January 31.

(a) The report shall cover all contributions received and expenditures made since the closing date of books for the most recently filed report.

(b) The closing date of books for the report shall mark the cutoff date for the purpose of computing aggregate contributions and expenditures, and future reports shall use that date as a beginning point for the purpose of aggregation.

(2) No committee shall be required to file the report required by (1) if the committee was required to file a post-election report pursuant to 13-37-226(5) (b) , MCA, during the second half of a calendar year and no further expenditures to support or oppose a candidate or ballot issue have been made by it between the closing date of books for the post-election report and December 31.   The post-election report shall be considered as its closing report and the closing date of books for that report shall be used as the cutoff date for the purpose of aggregating contributions and expenditures for future reports.

(3) An independent committee which will not participate in future elections and which wishes to end its status as a reporting committee may file a statement of termination with its closing report.   Any further activity by a terminated committee will require a new statement of organization.