Tax & Accounting News
Governor Signs "Largest Tax Cut" in Montana History Into Law
On March 13, 2023, Montana Gov. Greg Gianforte signed a tax cut, rebate, and spending package worth over 1 billion into law.
The eight-page bill puts a significant part of the state's budget surplus back in taxpayers' hands.
The bill also will cut the state's equipment tax, pay off some Montana state debt, update capital gain tax laws, and add $100 million in highway construction funding.
Governor Gianforte said, "Today, we're delivering the largest tax cut in Montana history, helping hardworking Montanans keep more of what they earn."
The bill includes $500 million in permanent income tax relief, including a reduction in the income tax rate for most state residents from 6.75% to 5.9%.
In addition, each state resident will receive a tax rebate of $1,250.
Rep. Bill Mercer, R-Billings, added, "we said we were going to shock the public, taking excess money out of the treasury and giving it back to taxpayers. We have made good on that promise in short order."
Click here to read the full details of the Governor's release.
Not everyone was thrilled about the new tax legislation.
Margaret MacDonald, from Big Sky 55+, stated that "It is largesse to the richest millionaires, and its benefits are meager indeed for middle-income and low-income households."
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