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Montana adopts several regulations, including market-based sourcing

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On Nov. 27, 2017, Montana’s Secretary of State enacted new and amended tax regulations largely conforming to 2017 legislative changes, including the adoption of market-based sourcing. The amendments include new apportionment rules for sales of items other than tangible personal property, adopt the use of the Finnigan approach to apportionment, modify net operating loss (NOL) provisions, enact rules for financial institution apportionment, and change depreciation schedules for valuing personal property. These regulations are effective on Jan. 1, 2018, and apply to tax years beginning after Dec. 31, 2017.