News
The Montana State Senate votes on Bill SB511 – to eliminate state capital gains tax for Montana residents making equity investments in small, pre-IPO Montana companies.
SB 511 passed 32-16 on second reading in the Senate this afternoon, with minor technical amendments to the language. The bill exempts capital gains earned from stock in small Montana companies from taxation.
3rd reading (final vote in the Senate) is usually scheduled within two days, and –barring unexpected new information– the vote is likely to parallel today’s. By Thursday Mar. 3, then, we will probably be able to say that the bill is being transmitted to the House of Representatives.
Next major hurdle: hearing in House Taxation Committee, usually scheduled within 3 to 5 days of transmittal (about April 5 to 7).
Thanks to everyone for your very effective support to this point; I’ll continue to keep you informed.
__Bob Heffner
***************
This important bill, when passed, eliminates state capital gains tax for Montana residents making equity investments in small, pre-IPO Montana companies.
For details Go To:
http://laws.leg.state.mt.us/pls/laws05/law0203w$.startup
First box insert SB
Second box insert 511
Bill SB511 is specifically designed to provide incentives for individual investors and venture funds to invest equity capital in Montana start-up and early stage companies.
This is a grass roots approach with the potential of estabishing a community of investors to support Montana entrpreneurs.
It connects ‘the Brains & the Bucks’ of successful Montana investors with striving Montana entrepreneurs.
The best news is, unlike other bills that require state funding, the only time there is a fiscal impact on Montana is when a Montana company is SUCCESSFUL.
That is: The investor, under the provisions of Bill SB511, only realizes a capital gains exemption when the Montana company that was invested in is sold or has a public offering.
No state funding, no tax credits, no additional administrative burden.
What you can do:
STEP 1: Identify your state sentator using this website:
http://nris.state.mt.us/gis/legislat/2005/
–OR–
http://leg.state.mt.us/css/sessions/59th/roster.asp?HouseID=2&SessionID=88
STEP 2: Send messages telling your State Senator to Vote YES on SB511
FAX: (406) 444-4875
Fax message text http://www.matr.net/files/FAXSenateSB511.doc
Email:
http://leg.state.mt.us/css/sessions/59th/legwebmessage.asp
Email text: http://www.matr.net/files/SB511EMAILSenator.doc
Phone:
Your State Senator is home today and is available for your constituency call
His or her home phone is listed on their personal Senate web page.
See: http://leg.state.mt.us/css/sessions/59th/roster.asp?HouseID=2&SessionID=88
Thank you for your support of Bill SB511.
If you have questions please contact:
Robert Heffner
Rocky Mountain Capital LLC
tel 406.251.5861
cell 406.544.1776
fax 406.251.5830
email: [email protected]
alt. email: [email protected]
101 Alliance Way
Missoula, MT 59803
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