Proposed Tax Rebates in Montana
Tax rebates in Montana are making headlines with a proposed $764 million return of surplus to residents.
Dubbed “the six-pack,” a group of legislative bills has passed the final hurdle and is headed to Governor Greg Gianforte’s desk. The bills include measures to pay down state debt, reduce capital gains tax, and dedicate $100 million to a highway construction fund.
The tax rebates in Montana come at a time when inflation and high living costs have impacted Montanans, making financial relief a top priority for the state. The Senate President, Jason Ellsworth, stated that delivering on this commitment was essential, and the tax cuts represent the largest in Montana’s history. However, the most significant relief is in the form of two hefty tax rebates.
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Income Tax Rebate: House Bill 192 will allocate $480 million worth of income tax rebates to nearly 460,000 residents, with individuals qualifying for $1,250 and those filing jointly receiving $2,500.
Property Tax Rebate: Residents could see tax rebates in Montana through property tax rebates of up to $1,000. According to the Montana Free Press, House Bill 222 will set aside $284 million towards a property tax rebate for Montana homeowners. Eligible households will receive $500 for taxes paid in both 2022 and 2023.
Who qualifies for these Tax Rebates In Montana?
The rebates are expected to provide much-needed financial assistance to many households. There are currently no specifics on income requirements or other restrictions to be eligible for the payments.
In conclusion, tax rebates in Montana are poised to provide much-needed relief to residents. With over $2.5 billion in surplus, lawmakers have earmarked a significant portion for tax rebates, making it the largest tax cut in Montana’s history. While the specifics of the tax rebates are yet to be determined, the proposed measures are a step in the right direction to ease the financial burden on Montanans.
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