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Rule Title: DEDUCTIONS NOT ALLOWED WHEN CREDIT CLAIMED
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Department: REVENUE
Chapter: TAX CREDITS
Subchapter: Individual - Credit Allowed Resident Taxpayers for Income Taxes Imposed by Foreign States and Countries
 
Latest version of the adopted rule presented in Administrative Rules of Montana (ARM):

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42.4.404    DEDUCTIONS NOT ALLOWED WHEN CREDIT CLAIMED

(1) Except as provided in (2), a taxpayer may not claim a deduction for any item for which a credit is claimed.

(2) The total amount of wages and salaries paid may be claimed as a deduction by a taxpayer who, in determining federal AGI, has reduced the taxpayer's business deductions by the amount of wages and salaries for which a federal work opportunity tax credit was elected under sections 38 and 51(a) of the IRC.

History: 15-30-2620, MCA; IMP, 15-30-2110, MCA; Eff. 12/31/72; AMD and TRANS, from ARM 42.15.422, 2004 MAR p. 1965, Eff. 8/20/04; AMD, 2010 MAR p. 1211, Eff. 5/14/10.


 

 
MAR Notices Effective From Effective To History Notes
42-2-823 5/14/2010 Current History: 15-30-2620, MCA; IMP, 15-30-2110, MCA; Eff. 12/31/72; AMD and TRANS, from ARM 42.15.422, 2004 MAR p. 1965, Eff. 8/20/04; AMD, 2010 MAR p. 1211, Eff. 5/14/10.
8/20/2004 5/14/2010 History: Sec. 15-30-305, MCA; IMP, Sec. 15-30-111, MCA; Eff. 12/31/72; AMD and TRANS, from ARM 42.15.422, 2004 MAR p. 1965, Eff. 8/20/04.
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