Montana Allows Transition Election for Certain Losses

The Montana Governor signed a law allowing taxpayers to make a transition adjustment election in claiming certain losses. The law provides guidance on calculating the adjustment and clarifies that the election must be made no later than Oct. 15. The law takes effect upon passage and applies for tax years beginning after Dec. 31, 2023. [S.B. 544, enacted 05/08/25]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.