reglab/housing_qa huggingface dataset:
MT Code § 15-31-175 (2021)
2021 Montana Code Annotated|Title 15. Taxation|Chapter 31. Corporate Income Tax or Alternative Corporate Income Tax|Part 1. Corporate Income Tax Rate and Return|15-31-175. Grow Montana jobs -- annual job growth incentive tax credit

  15-31-175. (Temporary) Grow Montana jobs -- annual job growth incentive tax credit.(1) There is an annual job growth incentive tax credit against the taxes otherwise due under 15-31-121 or 15-31-122 that is allowable in the amount established pursuant to 15-30-2361 when a taxpayer hires qualifying new employees in the state. The credit is administered as provided in 15-30-2361, 39-11-404, and this section.  (2) If the credit allowed under this section is claimed by a small business corporation as defined in 15-30-3301 or a partnership, the credit must be attributed to shareholders or partners using the same proportion to report the corporation's or partnership's income or loss for Montana income tax purposes. (Terminates December 31, 2021, 2022, 2023, and 2024, on occurrence of contingency until December 31, 2025--secs. 24, 25, Ch. 550, L. 2021.)   15-31-175. (Temporary -- effective October 1, 2025) Grow Montana jobs -- annual job growth incentive tax credit. (1) There is an annual job growth incentive tax credit against the taxes otherwise due under 15-31-121 or 15-31-122 that is allowable in the amount established pursuant to 15-30-2361 when a taxpayer hires qualifying new employees in the state. The credit is administered as provided in 15-30-2361, 39-11-404, and this section.  (2) If the credit allowed under this section is claimed by a small business corporation as defined in 15-30-3301 or a partnership, the credit must be attributed to shareholders or partners using the same proportion to report the corporation's or partnership's income or loss for Montana income tax purposes. (Terminates December 31, 2028--sec. 24(1), Ch. 550, L. 2021.)   History: En. Secs. 3, 6, 9, 12, 15, Ch. 550, L. 2021.
MT Code § 15-31-201 (2021)
2021 Montana Code Annotated|Title 15. Taxation|Chapter 31. Corporate Income Tax or Alternative Corporate Income Tax|Part 2. Small Business Corporations (Renumbered and Repealed)|15-31-201. Renumbered 15-30-1101

  15-31-201. Renumbered 15-30-1101. Sec. 16(2), Ch. 143, L. 2001.
MT Code § 15-31-202 (2021)
2021 Montana Code Annotated|Title 15. Taxation|Chapter 31. Corporate Income Tax or Alternative Corporate Income Tax|Part 2. Small Business Corporations (Renumbered and Repealed)|15-31-202. Repealed

  15-31-202. Repealed. Sec. 17, Ch. 143, L. 2001.   History: En. Sec. 2, Ch. 122, L. 1959; amd. Sec. 53, Ch. 516, L. 1973; amd. Sec. 1, Ch. 34, L. 1977; amd. Sec. 2, Ch. 405, L. 1977; R.C.M. 1947, 84-1501.2; amd. Sec. 22, Ch. 581, L. 1979; amd. Sec. 2, Ch. 667, L. 1983; amd. Sec. 7, Ch. 807, L. 1991; amd. Sec. 15, Ch. 634, L. 1993 (voided by I.R. No. 112, Nov. 8, 1994); amd. Sec. 1, Ch. 65, L. 1997.
MT Code § 15-31-203 (2021)
2021 Montana Code Annotated|Title 15. Taxation|Chapter 31. Corporate Income Tax or Alternative Corporate Income Tax|Part 2. Small Business Corporations (Renumbered and Repealed)|15-31-203. Renumbered 15-30-1121

  15-31-203. Renumbered 15-30-1121. Sec. 16(2), Ch. 143, L. 2001.
MT Code § 15-31-204 (2021)
2021 Montana Code Annotated|Title 15. Taxation|Chapter 31. Corporate Income Tax or Alternative Corporate Income Tax|Part 2. Small Business Corporations (Renumbered and Repealed)|15-31-204. Repealed

  15-31-204. Repealed. Sec. 3, Ch. 65, L. 1997.   History: En. Sec. 2, Ch. 11, Ex. L. 1969; R.C.M. 1947, 84-1501.5; amd. Sec. 8, Ch. 807, L. 1991; amd. Sec. 16, Ch. 634, L. 1993 (voided by I.R. No. 112, Nov. 8, 1994).
MT Code § 15-31-205 (2021)
2021 Montana Code Annotated|Title 15. Taxation|Chapter 31. Corporate Income Tax or Alternative Corporate Income Tax|Part 2. Small Business Corporations (Renumbered and Repealed)|15-31-205. Repealed

  15-31-205. Repealed. Sec. 5, Ch. 667, L. 1983.   History: En. 84-1501.1 by Sec. 1, Ch. 122, L. 1959; amd. Sec. 1, Ch. 405, L. 1977; R.C.M. 1947, 84-1501.1(c).
MT Code § 15-31-206 (2021)
2021 Montana Code Annotated|Title 15. Taxation|Chapter 31. Corporate Income Tax or Alternative Corporate Income Tax|Part 2. Small Business Corporations (Renumbered and Repealed)|15-31-206. Repealed

  15-31-206. Repealed. Sec. 5, Ch. 667, L. 1983.   History: En. 84-1501.1 by Sec. 1, Ch. 122, L. 1959; amd. Sec. 1, Ch. 405, L. 1977; R.C.M. 1947, 84-1501.1(d).
MT Code § 15-31-207 (2021)
2021 Montana Code Annotated|Title 15. Taxation|Chapter 31. Corporate Income Tax or Alternative Corporate Income Tax|Part 2. Small Business Corporations (Renumbered and Repealed)|15-31-207. Repealed

  15-31-207. Repealed. Sec. 5, Ch. 667, L. 1983.   History: En. 84-1501.1 by Sec. 1, Ch. 122, L. 1959; amd. Sec. 1, Ch. 405, L. 1977; R.C.M. 1947, 84-1501.1(e).
MT Code § 15-31-208 (2021)
2021 Montana Code Annotated|Title 15. Taxation|Chapter 31. Corporate Income Tax or Alternative Corporate Income Tax|Part 2. Small Business Corporations (Renumbered and Repealed)|15-31-208. Repealed

  15-31-208. Repealed. Sec. 10, Ch. 807, L. 1991.   History: En. Sec. 3, Ch. 667, L. 1983; amd. Sec. 2, Ch. 534, L. 1989.
MT Code § 15-31-209 (2021)
2021 Montana Code Annotated|Title 15. Taxation|Chapter 31. Corporate Income Tax or Alternative Corporate Income Tax|Part 2. Small Business Corporations (Renumbered and Repealed)|15-31-209. Repealed

  15-31-209. Repealed. Sec. 17, Ch. 143, L. 2001.   History: En. Sec. 4, Ch. 667, L. 1983.
MT Code § 15-31-301 (2021)
2021 Montana Code Annotated|Title 15. Taxation|Chapter 31. Corporate Income Tax or Alternative Corporate Income Tax|Part 3. Allocation and Apportionment of Income|15-31-301. Corporations subject to allocation and apportionment

  15-31-301. Corporations subject to allocation and apportionment. (1) Any corporation having income from business activity which is taxable both within and without this state shall allocate and apportion its net income as provided in this part.   (2) A corporation engaged in a unitary business within and without Montana must apportion its apportionable income as provided for under 15-31-305. A business is unitary when the operation of the business within the state is dependent upon or contributory to the operation of the business outside the state or if the units of the business within and without the state are closely allied and not capable of separate maintenance as independent businesses.   (3) A corporation not engaged in a unitary business must allocate its apportionable income by means of separate accounting methods, provided its books and records are so kept that the income and expenses attributable to business operations within the state can be properly segregated from total income and expense. If the corporation's books and records do not permit such proper segregation, its apportionable income must be apportioned according to the provisions of 15-31-305.   History: En. Sec. 3, Ch. 166, L. 1933; re-en. Sec. 2297.1, R.C.M. 1935; amd. Sec. 1, Ch. 219, L. 1957; amd. Sec. 1, Ch. 143, L. 1969; amd. Sec. 55, Ch. 516, L. 1973; amd. Sec. 2, Ch. 5, L. 1974; R.C.M. 1947, 84-1503(1); amd. Sec. 3, Ch. 268, L. 2017.
MT Code § 15-31-302 (2021)
2021 Montana Code Annotated|Title 15. Taxation|Chapter 31. Corporate Income Tax or Alternative Corporate Income Tax|Part 3. Allocation and Apportionment of Income|15-31-302. Definitions

  15-31-302. Definitions. (1) "Apportionable income" means:   (a) all income that is apportionable under the constitution of the United States and is not allocated under the laws of this state, including:   (i) income arising from transactions and activity in the regular course of the taxpayer's trade or business; and   (ii) income arising from tangible and intangible property if the acquisition, management, employment, development, or disposition of the property is or was related to the operation of the taxpayer's trade or business; and   (b) any income that would be allocable to this state under the constitution of the United States but that is apportioned rather than allocated pursuant to the laws of this state.   (2) "Commercial domicile" means the principal place from which the trade or business of the taxpayer is directed or managed.   (3) "Compensation" means wages, salaries, commissions, and any other form of remuneration paid to employees for personal services.   (4) "Nonapportionable income" means all income other than apportionable income.   (5) "Receipts" means all gross receipts of the taxpayer not allocated under 15-31-304.   (6) "State" means any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, any territory or possession of the United States, and any foreign country or political subdivision thereof.   History: En. Sec. 3, Ch. 166, L. 1933; re-en. Sec. 2297.1, R.C.M. 1935; amd. Sec. 1, Ch. 219, L. 1957; amd. Sec. 1, Ch. 143, L. 1969; amd. Sec. 55, Ch. 516, L. 1973; amd. Sec. 2, Ch. 5, L. 1974; R.C.M. 1947, 84-1503(2); amd. Sec. 4, Ch. 268, L. 2017.
MT Code § 15-31-303 (2021)
2021 Montana Code Annotated|Title 15. Taxation|Chapter 31. Corporate Income Tax or Alternative Corporate Income Tax|Part 3. Allocation and Apportionment of Income|15-31-303. When taxable in another state

  15-31-303. When taxable in another state. For the purposes of allocation and apportionment of income, a corporation is taxable in another state as provided in Article IV, subsection (3), of 15-1-601.   History: En. Sec. 3, Ch. 166, L. 1933; re-en. Sec. 2297.1, R.C.M. 1935; amd. Sec. 1, Ch. 219, L. 1957; amd. Sec. 1, Ch. 143, L. 1969; amd. Sec. 55, Ch. 516, L. 1973; amd. Sec. 2, Ch. 5, L. 1974; R.C.M. 1947, 84-1503(3); amd. Sec. 10, Ch. 20, L. 1985; amd. Sec. 5, Ch. 268, L. 2017.
MT Code § 15-31-304 (2021)
2021 Montana Code Annotated|Title 15. Taxation|Chapter 31. Corporate Income Tax or Alternative Corporate Income Tax|Part 3. Allocation and Apportionment of Income|15-31-304. Allocation of nonapportionable income

  15-31-304. Allocation of nonapportionable income. Rents and royalties from real or tangible personal property, capital gains, interest, dividends, or patent or copyright royalties, to the extent that they constitute nonapportionable income, must be allocated as provided in Article IV, subsections (4) through (8), of 15-1-601.   History: En. Sec. 3, Ch. 166, L. 1933; re-en. Sec. 2297.1, R.C.M. 1935; amd. Sec. 1, Ch. 219, L. 1957; amd. Sec. 1, Ch. 143, L. 1969; amd. Sec. 55, Ch. 516, L. 1973; amd. Sec. 2, Ch. 5, L. 1974; R.C.M. 1947, 84-1503(4) thru (8); amd. Sec. 6, Ch. 268, L. 2017.
MT Code § 15-31-305 (2021)
2021 Montana Code Annotated|Title 15. Taxation|Chapter 31. Corporate Income Tax or Alternative Corporate Income Tax|Part 3. Allocation and Apportionment of Income|15-31-305. Apportionment of apportionable income

  15-31-305. Apportionment of apportionable income. All apportionable income must be apportioned to this state as provided in Article IV, subsection (9), of 15-1-601.   History: En. Sec. 3, Ch. 166, L. 1933; re-en. Sec. 2297.1, R.C.M. 1935; amd. Sec. 1, Ch. 219, L. 1957; amd. Sec. 1, Ch. 143, L. 1969; amd. Sec. 55, Ch. 516, L. 1973; amd. Sec. 2, Ch. 5, L. 1974; R.C.M. 1947, 84-1503(9); amd. Sec. 7, Ch. 268, L. 2017.
MT Code § 15-31-306 (2021)
2021 Montana Code Annotated|Title 15. Taxation|Chapter 31. Corporate Income Tax or Alternative Corporate Income Tax|Part 3. Allocation and Apportionment of Income|15-31-306. Definition of property factor

  15-31-306. Definition of property factor. The property factor is provided for in Article IV, subsection (10), of 15-1-601.   History: En. Sec. 3, Ch. 166, L. 1933; re-en. Sec. 2297.1, R.C.M. 1935; amd. Sec. 1, Ch. 219, L. 1957; amd. Sec. 1, Ch. 143, L. 1969; amd. Sec. 55, Ch. 516, L. 1973; amd. Sec. 2, Ch. 5, L. 1974; R.C.M. 1947, 84-1503(10); amd. Sec. 8, Ch. 268, L. 2017.
MT Code § 15-31-307 (2021)
2021 Montana Code Annotated|Title 15. Taxation|Chapter 31. Corporate Income Tax or Alternative Corporate Income Tax|Part 3. Allocation and Apportionment of Income|15-31-307. Values used for property factor

  15-31-307. Values used for property factor. Property owned by the taxpayer is valued as provided in Article IV, subsections (11) and (12), of 15-1-601.   History: En. Sec. 3, Ch. 166, L. 1933; re-en. Sec. 2297.1, R.C.M. 1935; amd. Sec. 1, Ch. 219, L. 1957; amd. Sec. 1, Ch. 143, L. 1969; amd. Sec. 55, Ch. 516, L. 1973; amd. Sec. 2, Ch. 5, L. 1974; R.C.M. 1947, 84-1503(11), (12); amd. Sec. 9, Ch. 268, L. 2017.
MT Code § 15-31-308 (2021)
2021 Montana Code Annotated|Title 15. Taxation|Chapter 31. Corporate Income Tax or Alternative Corporate Income Tax|Part 3. Allocation and Apportionment of Income|15-31-308. Definition of payroll factor

  15-31-308. Definition of payroll factor. The payroll factor is provided for in Article IV, subsection (13), of 15-1-601.   History: En. Sec. 3, Ch. 166, L. 1933; re-en. Sec. 2297.1, R.C.M. 1935; amd. Sec. 1, Ch. 219, L. 1957; amd. Sec. 1, Ch. 143, L. 1969; amd. Sec. 55, Ch. 516, L. 1973; amd. Sec. 2, Ch. 5, L. 1974; R.C.M. 1947, 84-1503(13); amd. Sec. 10, Ch. 268, L. 2017.
MT Code § 15-31-309 (2021)
2021 Montana Code Annotated|Title 15. Taxation|Chapter 31. Corporate Income Tax or Alternative Corporate Income Tax|Part 3. Allocation and Apportionment of Income|15-31-309. Payroll factor for compensation in this state

  15-31-309. Payroll factor for compensation in this state. Compensation is paid in this state as provided in Article IV, subsection (14), of 15-1-601.   History: En. Sec. 3, Ch. 166, L. 1933; re-en. Sec. 2297.1, R.C.M. 1935; amd. Sec. 1, Ch. 219, L. 1957; amd. Sec. 1, Ch. 143, L. 1969; amd. Sec. 55, Ch. 516, L. 1973; amd. Sec. 2, Ch. 5, L. 1974; R.C.M. 1947, 84-1503(14); amd. Sec. 11, Ch. 268, L. 2017.
MT Code § 15-31-310 (2021)
2021 Montana Code Annotated|Title 15. Taxation|Chapter 31. Corporate Income Tax or Alternative Corporate Income Tax|Part 3. Allocation and Apportionment of Income|15-31-310. Definition of receipts factor

  15-31-310. Definition of receipts factor. The receipts factor is provided for in Article IV, subsection (15), of 15-1-601.   History: En. Sec. 3, Ch. 166, L. 1933; re-en. Sec. 2297.1, R.C.M. 1935; amd. Sec. 1, Ch. 219, L. 1957; amd. Sec. 1, Ch. 143, L. 1969; amd. Sec. 55, Ch. 516, L. 1973; amd. Sec. 2, Ch. 5, L. 1974; R.C.M. 1947, 84-1503(15); amd. Sec. 12, Ch. 268, L. 2017.
MT Code § 15-31-311 (2021)
2021 Montana Code Annotated|Title 15. Taxation|Chapter 31. Corporate Income Tax or Alternative Corporate Income Tax|Part 3. Allocation and Apportionment of Income|15-31-311. Receipts factor for receipts in this state

  15-31-311. Receipts factor for receipts in this state. (1) Receipts from the sale of tangible personal property are in this state as provided for in Article IV, subsection (16), of 15-1-601.   (2) Receipts, other than receipts provided for in subsection (1), are in this state as provided for in Article IV, subsection (17), of 15-1-601.   History: En. Sec. 3, Ch. 166, L. 1933; re-en. Sec. 2297.1, R.C.M. 1935; amd. Sec. 1, Ch. 219, L. 1957; amd. Sec. 1, Ch. 143, L. 1969; amd. Sec. 55, Ch. 516, L. 1973; amd. Sec. 2, Ch. 5, L. 1974; R.C.M. 1947, 84-1503(16), (17); amd. Sec. 13, Ch. 268, L. 2017.
MT Code § 15-31-312 (2021)
2021 Montana Code Annotated|Title 15. Taxation|Chapter 31. Corporate Income Tax or Alternative Corporate Income Tax|Part 3. Allocation and Apportionment of Income|15-31-312. Apportionment formula -- unitary business provisions

  15-31-312. Apportionment formula -- unitary business provisions. (1) If the allocation and apportionment provisions of this part do not fairly represent the extent of the taxpayer's business activity in this state, the taxpayer may petition for or the tax administrator may require, in respect to all or any part of the taxpayer's business activity, if reasonable:   (a) separate accounting, provided the taxpayer's activities in this state are separate and distinct from its operations conducted outside this state and are not a part of a unitary business operation conducted within and without this state; or   (b) the application of the provisions of Article IV, subsections (18)(a)(ii) through (18)(a)(iv), of 15-1-601.   (2) If the allocation and apportionment provisions of this part do not fairly represent the extent of business activity in this state of taxpayers engaged in a particular industry or in a particular transaction or activity, Article IV, subsection (18)(b), of 15-1-601 applies.   History: En. Sec. 3, Ch. 166, L. 1933; re-en. Sec. 2297.1, R.C.M. 1935; amd. Sec. 1, Ch. 219, L. 1957; amd. Sec. 1, Ch. 143, L. 1969; amd. Sec. 55, Ch. 516, L. 1973; amd. Sec. 2, Ch. 5, L. 1974; R.C.M. 1947, 84-1503(18); amd. Sec. 14, Ch. 268, L. 2017.
MT Code § 15-31-313 (2021)
2021 Montana Code Annotated|Title 15. Taxation|Chapter 31. Corporate Income Tax or Alternative Corporate Income Tax|Part 3. Allocation and Apportionment of Income|15-31-313. Rules

  15-31-313. Rules. The department of revenue shall prescribe regulations to carry out this part and shall publish such regulations and amendments thereto.   History: En. Sec. 3, Ch. 166, L. 1933; re-en. Sec. 2297.1, R.C.M. 1935; amd. Sec. 1, Ch. 219, L. 1957; amd. Sec. 1, Ch. 143, L. 1969; amd. Sec. 55, Ch. 516, L. 1973; amd. Sec. 2, Ch. 5, L. 1974; R.C.M. 1947, 84-1503(19).
MT Code § 15-31-314 (2021)
2021 Montana Code Annotated|Title 15. Taxation|Chapter 31. Corporate Income Tax or Alternative Corporate Income Tax|Part 3. Allocation and Apportionment of Income|15-31-314. through 15-31-320 reserved

  15-31-314 through 15-31-320 reserved.
MT Code § 15-31-321 (2021)
2021 Montana Code Annotated|Title 15. Taxation|Chapter 31. Corporate Income Tax or Alternative Corporate Income Tax|Part 3. Allocation and Apportionment of Income|15-31-321. Definitions

  15-31-321. Definitions. As used in 15-31-321 through 15-31-326, unless the context requires otherwise, the following definitions apply:   (1) "Affiliated corporation" means a United States parent corporation and any subsidiary of which more than 50% of the voting stock is owned directly or indirectly by another corporate member of the water's-edge combined group.   (2) "United States" means the 50 states of the United States and the District of Columbia.   (3) "Water's-edge combined group" means all corporations or entities included in the election of a taxpayer under 15-31-322.   History: En. Sec. 1, Ch. 616, L. 1987.
MT Code § 15-31-322 (2021)
2021 Montana Code Annotated|Title 15. Taxation|Chapter 31. Corporate Income Tax or Alternative Corporate Income Tax|Part 3. Allocation and Apportionment of Income|15-31-322. Water's-edge election -- inclusion of tax havens

  15-31-322. Water's-edge election -- inclusion of tax havens. (1) Notwithstanding any other provisions of law, a taxpayer subject to the taxes imposed under this chapter may apportion its income under this section. A return under a water's-edge election must include the income and apportionment factors of the following affiliated corporations only:   (a) a corporation incorporated in the United States in a unitary relationship with the taxpayer and eligible to be included in a federal consolidated return as described in 26 U.S.C. 1501 through 1505 that has more than 20% of its payroll and property assignable to locations inside the United States. For purposes of determining eligibility for inclusion in a federal consolidated return under this subsection (1)(a), the 80% stock ownership requirements of 26 U.S.C. 1504 must be reduced to ownership of over 50% of the voting stock directly or indirectly owned or controlled by an includable corporation.   (b) domestic international sales corporations, as described in 26 U.S.C. 991 through 994, and foreign sales corporations, as described in 26 U.S.C. 921 through 927;   (c) export trade corporations, as described in 26 U.S.C. 970 and 971;   (d) foreign corporations deriving gain or loss from disposition of a United States real property interest to the extent recognized under 26 U.S.C. 897;   (e) a corporation incorporated outside the United States if over 50% of its voting stock is owned directly or indirectly by the taxpayer and if more than 20% of the average of its payroll and property is assignable to a location inside the United States; or   (f) a corporation that is in a unitary relationship with the taxpayer and that is incorporated in a tax haven, including Andorra, Anguilla, Antigua and Barbuda, Aruba, the Bahamas, Bahrain, Barbados, Belize, Bermuda, British Virgin Islands, Cayman Islands, Cook Islands, Cyprus, Dominica, Gibraltar, Grenada, Guernsey-Sark-Alderney, Isle of Man, Jersey, Liberia, Liechtenstein, Luxembourg, Malta, Marshall Islands, Mauritius, Monaco, Montserrat, Nauru, Netherlands Antilles, Niue, Panama, Samoa, San Marino, Seychelles, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Turks and Caicos Islands, U.S. Virgin Islands, and Vanuatu.   (2) The department shall report biennially, in accordance with 5-11-210, to the revenue interim committee with an update of countries that may be considered a tax haven under subsection (1)(f).   History: En. Sec. 2, Ch. 616, L. 1987; amd. Sec. 3, Ch. 521, L. 2003; amd. Sec. 1, Ch. 11, L. 2009; amd. Sec. 12, Ch. 163, L. 2019.
MT Code § 15-31-323 (2021)
2021 Montana Code Annotated|Title 15. Taxation|Chapter 31. Corporate Income Tax or Alternative Corporate Income Tax|Part 3. Allocation and Apportionment of Income|15-31-323. Apportionment factors -- inclusion of tax havens

  15-31-323. Apportionment factors -- inclusion of tax havens. (1) For purposes of 15-31-322(1)(a) through (1)(e), the location of payroll and property is determined under the individual state's laws and regulations that set forth the apportionment formulas used to assign net income subject to taxes on or measured by net income. If a state does not impose a tax on or measured by net income, apportionment is determined under this chapter.   (2) For the purposes of 15-31-322(1)(f), income shifted to a tax haven, to the extent taxable, is considered income subject to apportionment.   History: En. Sec. 3, Ch. 616, L. 1987; amd. Sec. 4, Ch. 521, L. 2003.
MT Code § 15-31-324 (2021)
2021 Montana Code Annotated|Title 15. Taxation|Chapter 31. Corporate Income Tax or Alternative Corporate Income Tax|Part 3. Allocation and Apportionment of Income|15-31-324. Water's-edge election period -- consent -- change of election

  15-31-324. Water's-edge election period -- consent -- change of election. (1) A water's-edge election may be made by a taxpayer and is effective only if every affiliated corporation subject to the taxes imposed under this chapter consents to the election. Consent by the common parent of an affiliated group constitutes consent of all members of the group. An affiliated corporation that becomes subject to taxes under this chapter after the water's-edge election is considered to have consented to the election. The election must disclose the identity of the taxpayer and the identity of any affiliated corporation, including an affiliated corporation incorporated in a tax haven as set forth in 15-31-322(1)(f), in which the taxpayer owns directly or indirectly more than 50% of the voting stock of the affiliated corporation.   (2) Except as provided in subsections (3) and (4), each water's-edge election must be for 3-year renewable periods.   (3) A water's-edge election may be changed by a taxpayer before the end of each 3-year period only with the permission of the department. In granting a change of election, the department shall impose reasonable conditions that are necessary to prevent the avoidance of tax or clearly reflect income for the election period prior to the change.   (4) A taxpayer subject to the provisions of 15-31-322(1)(f) who has a water's-edge election that is in effect for tax periods beginning both before and after October 1, 2003, may rescind the election for any tax period beginning after October 1, 2003.   History: En. Sec. 4, Ch. 616, L. 1987; amd. Sec. 5, Ch. 521, L. 2003.