(1) For taxable years beginning after December 31, 1991, a "new corporation" means a corporation engaging in manufacturing for the first time in this state and includes:

(a) a manufacturing corporation existing outside of Montana that enters into manufacturing in the state;

(b) a non-manufacturing corporation within the state that enters into manufacturing in the state; or

(c) a corporation newly formed in Montana and entering into manufacturing operations in the state.

(2) A new corporation does not include:

(a) a corporation reorganized from a previously existing corporation that has been engaged in manufacturing in this state; or

(b) a corporation created as a parent, subsidiary, or affiliate of an existing corporation that has been engaged in manufacturing in this state of which 20% or more of the ownership is held by the corporation or by the stockholders of the corporation.

(3) A corporation reorganized pursuant to Title 35, chapter 1, MCA, as amended, shall not be eligible for credit under 15-31-124 through 15-31-127 , MCA.

(4) A corporation formed as a joint venture, combination, subsidiary, parent, affiliate, merger, or any other kind of cooperative action between two or more corporations which cannot demonstrate an independent corporate existence shall not be accepted as a new corporation by the department for purposes of 15-31-124 through 15-31-127 , MCA.