Section 33-27-103 - DefinitionsAs used in 15-30-2118, 15-31-117, 15-31-118, and this chapter, the following definitions apply:
(1) "Fiscal year" means the 12-month period used by a particular small business in preparing and filing its Montana individual income tax, corporate income tax, or alternative corporate income tax return.(2) "Independent liability fund" means a collection of money, assets, and investments that has been set aside by a small business to meet the needs of any liability claims, except workers' compensation claims, brought against it by third parties.(3) "Liability claim" means any legal or extralegal action by a third party asserting a right to compensation for a wrong done to it by a small business with an independent liability fund.(4) "Small business" means any commercial or nonprofit enterprise qualified to do business in the state and qualified as a small business under the criteria established by the federal small business administration on April 20, 1987.(5) "Third party" means a person other than an employee or the management of a small business or of a subsidiary or closely related enterprise of a small business.Amended by Laws 2021, Ch. 503,Sec. 52, eff. 1/1/2024, and applicable to income tax years beginning after December 31, 2023.Amended by Laws 2013, Ch. 268, Sec. 36, eff. 10/1/2013.En. Sec. 3, Ch. 564, L. 1987.