Senate Bill 511 Veto upheld by a 71 to 70 split. It was specifically aimed at early stage investment in privately-held, small Montana corporations.
SB 511 by Senator Jeff Mangan of Great Falls (http://data.opi.state.mt.us/bills/2005/billhtml/SB0511.htm) sought to provide an incentive to increase equity investment in Montana business.
It was specifically aimed at early stage investment in privately-held, small Montana corporations. The corporations it hoped to court are referred to as gazelles and the investors as angels.
To achieve this goal, the bill allowed a deduction for individual income taxes on capital gains from the sales of stock for these qualified Montana corporations.
It also allowed a deduction from income for the corporations. After a series of amendments to refine the bill, it passed the Montana House 70-30 and the Senate with a 47-3 vote.
The veto by Gov. Schweitzer was upheld 71 for the veto to 70 against.
Governor vetoes Senator Mangan’s investor tax-deduction bill – Clarification provided by Administration Cabinet Officers http://www.matr.net/article-14522.html
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