Bill

Bill > HB671


MT HB671

Revise ABLE Act definitions to conform to Montana individual income tax code


summary

Introduced
02/22/2025
In Committee
03/17/2025
Crossed Over
03/07/2025
Passed
05/01/2025
Dead
Signed/Enacted/Adopted
05/05/2025

Introduced Session

2025 Regular Session

Bill Summary

AN ACT REVISING THE MONTANA ACHIEVING A BETTER LIFE EXPERIENCE ACT TO INCLUDE THE SAME DEFINITION FOR THE INTERNAL REVENUE CODE AS THE DEFINITION USED IN THE MONTANA INDIVIDUAL INCOME TAX CODE; AMING SECTION 53-25-103, MCA; AND PROVIDING AN IMMEDIATE EFFECTIVE DATE AND A RETROACTIVE APPLICABILITY DATE.”

AI Summary

This bill revises the Montana Achieving a Better Life Experience (ABLE) Act by adding a new definition for "Internal Revenue Code" that matches the definition used in Montana's individual income tax code. The bill amends section 53-25-103 of the Montana Code Annotated, which contains definitions for the ABLE program. Specifically, the bill inserts a new subsection (13) that cross-references the definition of Internal Revenue Code found in section 15-30-2101 of the state tax code. As a result of this addition, the subsequent definitions in the section are renumbered (with existing subsections 13-25 becoming 14-26). The bill has an immediate effective date and will apply retroactively to income tax years beginning after December 31, 2024. The ABLE Act is a program that allows individuals with disabilities to establish tax-advantaged savings accounts to pay for qualified disability expenses without affecting their eligibility for public benefits. By aligning the definition of Internal Revenue Code, the bill ensures consistency between the ABLE Act and the state's income tax regulations.

Committee Categories

Budget and Finance

Sponsors (1)

Last Action

Chapter Number Assigned (on 05/05/2025)

bill text


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