Montana Code 15-50-205. Tax imposed on gross receipts from public contracts
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15-50-205. Tax imposed on gross receipts from public contracts. (1) A public contractor, unless the contractor constructs or works on a federal research facility, shall pay to the department a license fee in a sum equal to 1% of the gross receipts, as defined in 15-50-101, from public contracts during the income year in which the public contractor receives payment.
Terms Used In Montana Code 15-50-205
- Contract: A legal written agreement that becomes binding when signed.
- Department: means the department of revenue as provided in 2-15-1301. See Montana Code 15-50-101
- Gross receipts: means all receipts from sources within the state, whether in the form of money, credits, or other valuable consideration, received from, engaging in, or conducting a business, without deduction on account of the cost of the property sold, the cost of the materials used, labor or service cost, interest paid, taxes, losses, or any other expense whatsoever. See Montana Code 15-50-101
- Public contractor: means any person who submits a proposal to perform or enters into a contract for performing public construction work in the state with the federal government or state of Montana; with any board, commission, or department of the state; with any board of county commissioners, any city or town council, or any agency of any of them; or with any other public board, body, commission, or agency authorized to let or award contracts for any public work when the contract cost, value, or price exceeds the sum of $80,000. See Montana Code 15-50-101
(2)The license fee must be computed upon the basis of the entire contract for each separate contract let by any of the public bodies as provided for in 15-50-206.