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Mont. Code Ann. § 15-38-121

Certain royalties exempt

Known as the The Montana Resource Indemnity Trust and Ground Water Assessment Act

The act spans §§ 15-38-101 to 15-38-302 (28 sections).

En

Exempt from taxation are royalties received by:

(1) an Indian tribe with respect to mineral production pursuant to a lease entered into under the Indian Mineral Leasing Act of 1938, 25 U.S.C. 396a through 396g;

(2) the United States as trustee for individual Indians; and

(3) the United States, the state of Montana, or a county or municipal government.

Official source: Montana Code Annotated (Montana Legislature). Reproduced from public-domain Montana statutes; confirm against the official source for the current text. Not legal advice.