Montana legislation · 2025 Regular Session
Montana SB544: Revise income tax laws for net operating loss carryovers
Status: Signed into law, May 13, 2025
What the bill says
An act revising individual income tax laws to provide for a transition adjustment for certain losses; allowing a taxpayer election to claim losses that were not provided for in 2021 income tax simplification legislation; providing rulemaking authority; and providing an immediate effective date and a retroactive applicability date.".
From the engrossed text:
AN ACT REVISING INDIVIDUAL INCOME TAX LAWS TO PROVIDE FOR A TRANSITION ADJUSTMENT FOR CERTAIN LOSSES; ALLOWING A TAXPAYER ELECTION TO CLAIM LOSSES THAT WERE NOT PROVIDED FOR IN 2021 INCOME TAX SIMPLIFICATION LEGISLATION; PROVIDING RULEMAKING AUTHORITY; AND PROVIDING AN IMMEDIATE EFFECTIVE DATE AND A RETROACTIVE APPLICABILITY DATE." Section 1. Transition -- net operating loss and net operating loss carryover -- Senate Bill No. 399 (2021) adjustments -- rulemaking. (1) Subject to the provisions of this section, a taxpayer may elect to make a transition adjustment for a Montana net operating loss carryover under section 172(a) of the Internal Revenue Code. The adjustment is the sum of all positive and negative adjustments to a taxpayer's Montana taxable income resulting from a difference in federal and Montana income tax from before January 1, 2024. (2) If the federal carryover was not the same as the Montana carryover on December 31, 2023: (a) the difference is a positive adjustment to the taxpayer's Montana taxable income if the Montana carryover was smaller than the federal carryover; and (b) the difference is a negative adjustment to the taxpayer's Montana taxable income if the Montana carryover was larger than the federal carryover. (3) Notwithstanding section 67(3)(d), Chapter 503, Laws of 2021, the election provided for in this section must be made on a tax year …
Sponsors
- Hertz, Greg (R, 7) · primary sponsor
- Brewster, Larry (R, 43)
Latest actions
- : Chapter Number Assigned
- : (S) Signed by Governor
- : (S) Transmitted to Governor
- : (H) Signed by Speaker
- : (S) Signed by President
- : (S) Returned from Enrolling
- : (S) Sent to Enrolling
- : (H) 3rd Reading
- : (H) Scheduled for 3rd Reading
- : (H) 2nd Reading
Votes
- Do Concur (April 22, 2025): 97 yea, 1 nay, passed
- Do Concur (April 18, 2025): 96 yea, 1 nay, passed
- Do Pass (April 5, 2025): 48 yea, 0 nay, passed
- Do Pass (April 4, 2025): 46 yea, 0 nay, passed
Subjects: Taxation, Revenue, State, Taxation--Individual Income
Common questions
- What is SB544?
- SB544 is a bill in the Montana Legislature (2025 Regular Session): Revise income tax laws for net operating loss carryovers.
- What does SB544 do?
- In its own words: An act revising individual income tax laws to provide for a transition adjustment for certain losses; allowing a taxpayer election to claim losses that were not provided for in 2021 income tax simplification legislation; providing rulemaking authority; and providing an immediate effective date and a retroactive applicability date.".
- What is the status of SB544?
- Signed into law as of May 13, 2025. Latest action: Chapter Number Assigned (May 13, 2025).
- Who sponsored SB544?
- Hertz, Greg (R, 7), with 1 co-sponsor.
- Where is the official record for SB544?
- On the Montana Legislature website: https://bills.legmt.gov/#/laws/bill/2/LC1041
Source: official Montana record. Tracked by Delilah, AI for legislation across all 50 states and Congress.