Bill
LC 2563
Overview: LC 2563, "Generally revise tax laws", was introduced on December 08, 2024.Purpose and Intent: The intent of this bill is to make various revisions and updates to Montana'
Overview: LC 2563, "Generally revise tax laws", was introduced on December 08, 2024.
Purpose and Intent: The intent of this bill is to make various revisions and updates to Montana's tax laws, including changes to individual income tax, corporate tax, and property tax provisions.
Key Provisions:
- Reduces the top individual income tax rate from 6.9% to 5.9%
- Increases the standard deduction for individual income tax filers
- Phases out the business equipment tax for qualifying small businesses
- Adjusts property tax assessment ratios for certain residential and commercial properties
Affected Parties and Impacts: This bill would impact individual taxpayers through changes to income tax rates and deductions, as well as businesses subject to the business equipment tax and property tax assessments. The proposed changes could result in both tax savings and increased tax burdens depending on individual circumstances.
Procedural and Timeline Considerations: The bill was drafted but ultimately died in the legislative process. Future efforts to revise Montana's tax laws may be introduced.
Compiled from official sources — confirm details with the bill’s official record.
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