The Montana Department of Revenue has issued a reminder to business owners with equipment reporting requirements to submit their reports for Tax Year 2025. Businesses and individuals owning business equipment with a total market value exceeding $1 million statewide as of January 1, 2025, must file their reports by March 1, 2025, to avoid a 20% penalty.
Businesses with equipment valued at $1 million or less statewide are exempt from the business equipment tax and are not required to file a report for 2025 unless specific conditions apply:
- New personal property has been acquired, increasing the equipment’s total market value above the $1 million threshold.
- The Department of Revenue has specifically requested a personal property reporting form.
To streamline the process, business owners are encouraged to report through the department’s TransAction Portal (TAP). The online system features pre-populated reporting forms based on the equipment data submitted in 2024. Business owners can review and update their equipment details by adding or removing assets. Upon submission, an immediate confirmation receipt will be provided.
The department emphasizes the importance of timely reporting to ensure compliance and avoid penalties. Business owners with questions or concerns are encouraged to contact the Montana Department of Revenue for assistance.