15-31-401. Application of license and income taxes. (1) It is the intent of the legislature that the corporation license tax shall be applied to all corporations subject to taxation under part 1 of this chapter. Except as provided in subsection (2), the income tax provided by this part shall be applied to corporations that are not taxable under part 1 of this chapter but are taxable under an income tax.
     (2) During its first 5 taxable years of activity in Montana, the net income earned from research and development activities by a research and development firm as described in 15-31-103 is not subject to either the corporation license tax provided in part 1 of this chapter or to the corporation income tax provided in this part.

     History: En. Sec. 1, Ch. 82, L. 1971; R.C.M. 1947, 84-6901; amd. Sec. 5, Ch. 659, L. 1987.