90-8-312. Investment reporting and recordkeeping.
90-8-312. Investment reporting and recordkeeping. (1) Each qualified Montana capital company and each qualified Montana small business investment capital company shall report to the department on a quarterly basis:
(a) the name of each investor in the qualified Montana capital company or in the qualified Montana small business investment capital company who has applied for a tax credit;
(b) the amount of each investor's investment;
(c) the amount of the tax credit allowed to the investor and the date on which the investment was made; and
(d) any other information determined by the department.
(2) The department shall provide the information contained in subsection (1) to the department of revenue on a quarterly basis.
(3) The department shall provide each investor in a qualified Montana capital company and each investor in a qualified Montana small business investment capital company with a certificate authorizing the tax credit, and the certificate must be submitted with each tax return requesting a credit under 90-8-202.
(4) Each qualified Montana capital company and each qualified Montana small business investment capital company shall report to the department on a quarterly basis all qualified investments that the company has made. The department shall share the information with the department of revenue, in order that the provisions of 90-8-301 may be complied with.
(5) Each qualified Montana capital company shall report to the department all proposed investments to be made from its capital base. The capital company may not make the proposed investment unless the department determines, within 10 days of submission of a report satisfactory to the department, that the proposed investment is qualified under this chapter.
History: En. Sec. 8, Ch. 554, L. 1983; amd. Sec. 18, Ch. 554, L. 1983; amd. Sec. 15, Ch. 263, L. 1991; amd. Sec. 9, Ch. 576, L. 1991; amd. Sec. 14, Ch. 410, L. 1999.