SB544

Montana SB544 revises income tax laws to allow a transition adjustment for certain net operating loss carryovers.

Montana SB544 revises individual income tax laws to provide for a transition adjustment for certain net operating loss carryovers. This adjustment accounts for differences between federal and Montana income tax laws. Taxpayers can elect to make this adjustment on their 2024 income tax return, which must be filed by October 15, 2025. The adjustment applies retroactively to income tax years beginning after December 31, 2023. If the election is not made by the deadline, the taxpayer cannot make the carryforward adjustment election.