Bill > SB53

This bill makes several technical revisions to Montana's income tax laws, primarily focusing on conforming changes from previous tax legislation. The bill updates provisions related to income tax calculations, filing statuses, and various tax credits and deductions. Key changes include modifying the withholding rate for mineral royalty payments to match the highest marginal tax rate, expanding the definition of qualified withdrawals from education savings accounts to include rollovers to Roth IRAs, and adjusting contribution deduction limits for family education and achieving a better life experience savings accounts. The bill also provides a deadline extension for tax filings when the standard deadline falls on a federal holiday, removes a requirement for providing an estate tax certificate in probate proceedings, and makes several technical adjustments to how certain types of income are treated for tax purposes. Additionally, the bill introduces some specific provisions for military pension income deductions, allowing certain new residents or long-term residents who receive military retirement income to claim a subtraction from their taxable income for up to 5 consecutive years. The bill is retroactively applicable to tax years beginning after December 31, 2023, and becomes effective immediately upon passage.

Budget and Finance, Education

https://bills.legmt.gov/#/laws/bill/2/LC0090