Montana Governor Greg Gianforte has proposed a $1 billion total tax relief intended for the state. This big budget plan could give up to $5,000 worth of direct payments to Montana taxpayers.
Gianforte said that hardworking Montanans need tax relief and it should not be delayed since they are making the state stronger and they enrich communities. Direct payments are built to help them with their daily needs as rising inflation occurs.
Once approved, the proposed $ 1 billion tax relief would include three significant policies which include a property tax rebate, child tax credit, and adoption tax credit.
The $500 million part of the budget plan is intended for the property tax rebate where eligible residents will be given $1,000 each during 2023 and 2024. The child tax credit is allotted $1,200 while the adoption tax credit budget is $5,000.
WHO IS ELIGIBLE FOR THE PAYMENT?
To be eligible for the property tax rebate, you must be a resident of Montana and consider it as your primary residence.
For the child tax credit, $1,200 is given to eligible dependents of families with children under the age of 6. It was not determined whether there is a set limit number of children that are covered per family.
For the adoption tax credit, there were no specific details provided yet to be eligible.
Gianforte said they are ready to give Montana residents the $1 billion in tax relief, but since it is still a proposal, it still needs the approval of the state lawmakers.