Biggest State Tax Cut Ever!
Montana residents are in for a big surprise as they can expect to see the largest state tax cut in the state’s history. The legislature passed in the state will provide thousands of residents with up to $1 billion in tax relief. Governor Greg Gianforte is expected to approve the package after expressing his support.
Department of Financial Services)
The tax relief package will include multiple discounts and tax rebates, with $280 million going towards property tax rebates for homeowners. Primary residence owners in Montana can expect to receive a $500 rebate for 2023 and 2024.
Residents who have already paid income tax will be eligible for rebates of up to $1,250. However, it’s not yet clear whether there will be any income thresholds in place to qualify for the rebate.
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According to a published article in Marca, taxpayers in Montana will also see their income tax rate decrease from 6.75% to 5.9%. Furthermore, the Earned Income Tax Credit will triple in amount. The Governor’s office also called for lawmakers to include a permanent $1,200 refundable Child Tax Credit, which would provide relief for parents raising young children.
This tax relief package will undoubtedly benefit Montana’s hardworking taxpayers and give them much-needed relief. Governor Gianforte praised the legislature and called it historic, promising to send taxpayer money back to the people. This news will come as a welcome relief for many Montanans who have been hit hard financially over the past year.
Overall, the largest state tax cut in Montana’s history is set to provide relief to homeowners and taxpayers in the state. With up to $1 billion in tax relief, residents can expect to receive property tax rebates, income tax rebates, and reduced tax rates. The state legislature’s actions will help working families and empower parents, particularly working mothers. This package will provide much-needed relief to Montana residents, and it’s a step in the right direction toward building a better and stronger state economy.
READ ALSO: Montana Legislature Continues Efforts To Provide Tax Relief For State Residents
