- March 16
- September 15
- Return Forms:
- Payment Vouchers:
- Online Filing Options:
A tax credit claimed by a pass-through entity is passed through to its owners.
The pass-through entity identifies how much credit is available to each owner on Montana Schedule K-1. It provides a copy of the Montana Schedule K-1 and a copy of the credit form that was used to calculate the credit to each owner.
Owners determine any necessary limitations when reporting the credit on their tax returns.
Income tax credits cannot be taken as a credit against composite tax reported on the Montana Pass-Through Entity Tax Return (Form PTE).
Unused credits may not be redistributed to other owners. For example, if the ownership of the pass-through entity consists of a resident owner and a nonresident owner, the nonresident owner’s share of a credit could not be claimed by the resident owner even though the nonresident owner is not eligible to use it.
If a pass-through entity is eligible for a credit, include the appropriate form with the tax return. If a pass-through entity files electronically, it represents that it kept a copy in a pass-through entity’s records and will provide a copy to the department if requested.