Montana tax relief package

MONTANA (KUMV) - Montana’s governor signed several bills Monday that he says the legislation will provide much-needed tax relief for people across the state.

Following through with his budget priorities of helping Montana families, Governor Greg Gianforte and Republican lawmakers celebrated the passage of more than $1 billion in tax relief, the largest tax cut in state history.

“Today we are making it easier for Montanans to raise a family, to earn a good living, to own a home, to retire comfortably, and achieve their American dream,” said Gov. Gianforte.

The tax package provides several benefits including lowering the state’s income tax rate from 6.75 to 5.9%, providing both income and property tax rebates to residents, and adjustments that Gianforte says will simplify and modernize the corporate tax code and capital gains tax rate. The bills were passed through both the house and senate earlier this month.

“This is going to help our economy, it’s going to put money in our own pockets, and we’re going to be able to thrive just a little bit better with our money in our own pockets,” said Senator Becky Beard (R) Elliston.

State Democrats argue the package was rushed, does little for permanent solutions, and disproportionately benefits the wealthy.

“It doesn’t engage in targeted permanent tax relief, which is what folks that are actually getting pinched need. It’s pretty disappointing,” said Representative Kim Abbott (D) Helena.

Gianforte claims his budget is fiscally responsible and avoids cuts to essential services. It also makes Montana debt-free for 2023.

Gianforte adds that there is more pending legislation that he wants to see passed, such as a child tax credit and an adoption tax credit.

Copyright 2023 KFYR. All rights reserved.