If enacted, Draft Bill L.C. 74 would impose a 4% sales and use tax on the sale of tangible personal property in the State of Montana and authorize the Department of Revenue to enter into the Sales and Use Tax Agreement. Under Section 37, the department is also authorized and directed to implement the provisions of draft bill L.C. 74, designed to comply with the rules of the Agreement. If enacted this bill would take effect January 1, 2006, and would be applicable to all goods sold after December 31, 2006. Taxpayers would be eligible for refundable income tax credits in the amount of sales tax paid. Maximum refund amounts are outlined in a regressive system where the lowest income bracket is eligible for the largest refund. (L.C. 74, filed January 21, 2005)