The department recently notified business owners with a business equipment reporting requirement, that it is time to report for Tax Year 2023. Businesses with a statewide market value greater than $300,000 in business equipment are required to report the equipment they own as of January 1, 2023, by March 1, 2023 to avoid a 20 percent penalty.
Business owners can report online using the department’s TransAction Portal (TAP) at https: tap.dor.mt.gov. Online reporting forms are pre-populated with the business equipment reported in 2022. Owners need to review the previously reported assets and make any needed additions and deletions. An immediate confirmation receipt will be sent after the report is submitted.
Businesses whose statewide market value of equipment is $300,000 or less are exempt from the business equipment tax. These businesses do not have a reporting requirement in 2023 unless: (1) they have acquired new personal property that would increase their equipment’s aggregate market value above the exemption amount; or, (2) the department requests a personal property reporting form be completed.