Montana Governor Signs Law Expanding Eligibility Requirements of Economic Development Loans to Local, Tribal Governments

The Montana Governor May 7 signed a law expanding the eligibility requirements of the Infrastructure Loan Program and INTERCAP Loan Program to Indian tribal governments, for corporate income and individual income tax purposes. The law provides that an economic development loan to build infrastructure must be made to a local or an Indian tribal government. Currently, a business that is expanded or created because of the loan is entitled to a credit against corporate income or individual income taxes due, for the portion of the fees attributable to the use of the infrastructure. The infrastructure tax credit may be carried ...