15-31-1006. Production expenditure verification report. (1) A production company with a base investment of more than $350,000 that claims the credit provided for in 15-31-1007 shall submit a production expenditure verification report to the department of revenue as provided in this section. The report must be submitted with the submission of costs required by 15-31-1005(2)(a).

(2) The production expenditure verification report must:

(a) be issued by a certified public accountant who is unrelated to the production company and include a certification to that effect;

(b) be performed in accordance with the accounting standards generally accepted in the United States;

(c) be addressed to the person who engaged the accountant with a copy addressed to the production company or person who applies for the credit provided for in 15-31-1007;

(d) include the accountant's name, address, and telephone number;

(e) include the date of completion of the accountant's work; and

(f) contain a statement of acknowledgment by the accountant that the state is relying on the report to issue tax credits.

(3) The contents of the report must include:

(a) verification of the accuracy of the production expenditures and compensation submitted pursuant to 15-31-1005(2);

(b) an opinion from the accountant stating that there are no related party transactions or that material related party transactions are properly reported and accounted for, adequately disclosed, and explained in the report; and

(c) a statement that the submission of the production expenditures and compensation presents fairly, in all material aspects, the production expenditures and compensation expended in Montana pursuant to the provisions of this part.

(4) All costs associated with the report are the obligation of the production company.