Montana Title 15. Taxation § 15-30-3003. Montana farm and ranch risk management account--deposits--exclusion from income

(1) An individual or a family farm corporation engaged in an eligible agricultural business may hold a Montana farm and ranch risk management account that is composed of contributions that were made to the account prior to January 1, 2024, as provided in this part, to use as a risk management tool for the individual's or family farm corporation's agricultural business. The number of risk management accounts that may be held is limited to one for each individual or family farm corporation.

(2) For the purposes of this section, a taxpayer is considered to have made a deposit to an account if the deposit is made during a tax year beginning before January 1, 2024.

(3) A deposit not distributed within 3 years is considered to have been distributed to the taxpayer as provided in 15-30-3005.

(4) A portion of a deposit distributed within 6 months of the date deposited is income in the year for which an exclusion was taken. The taxpayer shall file a return or amended return as necessary to report the income in the appropriate year.