Montana Code 15-38-121. Certain royalties exempt
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15-38-121. Certain royalties exempt. Exempt from taxation are royalties received by:
Terms Used In Montana Code 15-38-121
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mineral: means any precious stones or gems, gold, silver, copper, coal, lead, petroleum, natural gas, oil, uranium, talc, vermiculite, limestone, or other nonrenewable merchantable products extracted from the surface or subsurface of the state of Montana. See Montana Code 15-38-103
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
- Trustee: A person or institution holding and administering property in trust.
- United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
(1)an Indian tribe with respect to mineral production pursuant to a lease entered into under the Indian Mineral Leasing Act of 1938, 25 U.S.C. § 396a through 396g;
(2)the United States as trustee for individual Indians; and
(3)the United States, the state of Montana, or a county or municipal government.