Form MCT, or Media Credit Transfer form, is a mandatory notification document used by the Montana Department of Revenue to record when a media tax credit is sold or transferred from one party to another. This form ensures proper tracking and validation of transfers for credits originally generated by qualified media production companies. The seller, known as the transferor, could be the original production company or a previous buyer reselling the credit, while the buyer, called the transferee, acquires the right to claim it. A unique identifier called the UCRN, assigned by the state upon credit approval, must accompany every transfer. The process includes calculating a 2% transfer fee based on the credit amount, with transfers limited to once per calendar year and requiring a minimum sale value of 85% of the credit’s worth. Credits retain their original five-year carryforward period without extension after transfer, and pass-through distributions from partnerships to owners do not trigger this form or fee.
How To File The Montana MCT Form
The transferor must submit the completed Form MCT along with the 2% transfer fee payment within 30 days of the transfer date. Make the check payable to the Montana Department of Revenue and mail both to Attn: Media Credit Transfer Fee, PO Box 5835, Helena, MT 59604-6642. Failure to pay on time invalidates the transfer, preventing the buyer from claiming the credit.
How To Complete The Montana MCT Form
Use these precise instructions to fill every field without omissions or errors.
Transferor Information
- Name: Enter the full legal name of the individual or entity selling the media credit.
- FEIN/SSN: Provide the Federal Employer Identification Number or Social Security Number of the transferor.
- Address: Write the complete street address for the transferor.
- City: Specify the city where the transferor is located.
- State: Indicate the two-letter state abbreviation.
- ZIP Code: Add the full ZIP code.
Transferee Information
- Name: Record the full legal name of the individual or entity purchasing the media credit.
- FEIN/SSN: Input the Federal Employer Identification Number or Social Security Number of the transferee.
- Address: List the complete street address for the transferee.
- City: Note the city where the transferee is located.
- State: Enter the two-letter state abbreviation.
- ZIP Code: Include the full ZIP code.
Unique Credit Reference Number
- UCRN: Write the exact Unique Credit Reference Number issued by the Department of Revenue to the original production company that earned the credit. Use a separate form for each distinct UCRN if transferring multiple credits.
Credit Calculation Section
- Transferor’s Total Credit Balance Before the Transfer: State the full amount of media credit held by the transferor immediately prior to this transaction.
- Amount of Credit Transferred to Transferee: Enter the specific dollar value of the credit being sold or transferred in this deal.
- Transferor’s Total Credit Balance After the Transfer: Calculate and input the remaining credit balance for the transferor after deducting the transferred amount.
- Transfer Fee: Compute 2% of the transferred credit amount and write the result here.
Transfer Agreements
- Transferor Agreement: The transferor confirms intent to sell the Montana MEDIA credit and notifies the Department of Revenue of this action.
- Transferee Acknowledgment: The transferee recognizes that the Department of Revenue could reclaim the credit if the transferor lacked proper rights, with any remedy sought solely from the transferor.
Signatures
- Transferor Signature: The seller must sign their name.
- Transferor Print Name: Print the full name of the person signing for the transferor.
- Transferor Date: Record the date of signing.
- Transferee Signature: The buyer must sign their name.
- Transferee Print Name: Print the full name of the person signing for the transferee.
- Transferee Date: Record the date of signing.