Bill > HB424

This bill revises Montana's individual income tax laws. Specifically, it: 1. Increases the top marginal income tax rate from 6.9% to 8.9% on taxable income over $500,000. 2. Increases the state earned income tax credit (EITC) from 3% to 10% of the federal EITC, providing a larger refund for low-income working families. 3. Applies these changes to tax years beginning after December 31, 2021. The bill aims to generate additional revenue from high-income individuals while also providing more support for low-income working families through the expanded state EITC. These changes are intended to make Montana's individual income tax system more progressive and targeted to address income inequality.

Budget and Finance

https://laws.leg.mt.gov/legprd/LAW0210W$BSIV.ActionQuery?P_BILL_NO1=424&P_BLTP_BILL_TYP_CD=HB&Z_ACTION=Find&P_SESS=20211