Bill
LC 2709
Overview: Bill Number: LC 2709, Title: Revise taxation laws, Status: (LC) Draft Died in Process, Introduced: December 11, 2024Purpose and Intent: The main goal of this bill is to c
Overview: Bill Number: LC 2709, Title: Revise taxation laws, Status: (LC) Draft Died in Process, Introduced: December 11, 2024
Purpose and Intent: The main goal of this bill is to comprehensively review and update Montana's taxation laws to ensure a fair, efficient, and modernized tax system. The legislation aims to address various aspects of taxation, including individual income taxes, corporate taxes, property taxes, and other revenue sources.
Key Provisions:
- Revise individual income tax rates and brackets to simplify the tax structure and provide targeted relief for low- and middle-income households
- Adjust corporate tax rates and implement measures to close loopholes and ensure fair contribution from businesses
- Reevaluate property tax assessment methods and explore ways to provide relief for homeowners and small businesses
- Explore the potential for new revenue streams, such as taxes on digital services and the legalization of recreational marijuana
Affected Parties and Impacts:
- Individual taxpayers, who would see changes to their income tax liabilities
- Businesses, which would face adjustments to their corporate tax obligations
- Property owners, who may experience changes in their property tax assessments
- State and local governments, which would see shifts in their revenue streams
Procedural and Timeline Considerations:
The bill is currently in the draft stage and has not been formally introduced in the legislature. If the bill is introduced, it would need to go through the standard legislative process, including committee hearings, floor debates, and potential amendments before a final vote. Due to the complexity of the issues involved, the legislative timeline for this bill is uncertain.
Compiled from official sources — confirm details with the bill’s official record.
Sign in to ask a question.
