Bill
LC 1196
Overview: Bill Number: LC 1196, Title: Generally revise tax laws, Status: (LC) Draft Died in Process, Introduced: November 11, 2024Purpose and Intent: The primary goal of this bill
Overview: Bill Number: LC 1196, Title: Generally revise tax laws, Status: (LC) Draft Died in Process, Introduced: November 11, 2024
Purpose and Intent: The primary goal of this bill is to make a variety of changes to Montana's tax laws, with the stated intent of simplifying the tax code, reducing the tax burden on individuals and businesses, and promoting economic growth.
Key Provisions:
- Reduces the state's personal income tax rates across all brackets
- Increases the standard deduction and expands eligibility for certain tax credits
- Phases out the state's business equipment tax over a 5-year period
- Establishes a new tax credit for businesses that invest in workforce development and job training programs
- Requires the Department of Revenue to conduct a comprehensive review of the state's tax system and provide recommendations for further reforms
Affected Parties and Impacts:
- Individual taxpayers would see reductions in their state income tax liability
- Businesses, particularly those with significant equipment and machinery, would benefit from the phaseout of the business equipment tax
- The state government would experience a decrease in tax revenue, which could impact funding for public services and programs
Procedural and Timeline Considerations:
The bill is currently in the draft (LC) stage and has not been formally introduced in the legislature. If introduced, it would need to go through the full legislative process, including committee hearings and votes in both the House and Senate, before potentially being signed into law by the governor. The broad scope of the bill's tax reforms could make it a major legislative priority.
Compiled from official sources — confirm details with the bill’s official record.
Sign in to ask a question.
