ARM 42.23.113. RESEARCH AND DEVELOPMENT FIRM - EXEMPTION PERIOD

(1) An entity that qualifies as a research and development firm as defined in 15-1-101 , MCA, and is incorporated or qualified to do business in Montana on or after July 1, 1987, is exempt from the corporation license tax on the net income earned from research and development activities for its first five tax periods. (2) A corporation which qualifies as a research and development firm under 15-1-101 , MCA, and began operating in Montana prior to July 1, 1987, will be allowed an exemption from the Montana corporation license tax on research and development net income earned on or after July 1, 1987, for the balance of its first five tax periods of activity in Montana.