Bill > HB671

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.

Budget and Finance

https://bills.legmt.gov/#/laws/bill/2/LC1900