summary
Introduced
02/07/2025
02/07/2025
In Committee
04/16/2025
04/16/2025
Crossed Over
04/04/2025
04/04/2025
Passed
Dead
05/23/2025
05/23/2025
Introduced Session
2025 Regular Session
Bill Summary
AN ACT ENTITLED: “AN ACT GENERALLY REVISING STATE FINANCE LAWS; CREATING THE MONTANA GROWTH AND OPPORTUNITY TRUST; PROVIDING FOR TRANSFERS OF VOLATILE REVENUES TO THE TRUST; PROVIDING FOR ANNUAL DISTRIBUTIONS OF INTEREST INCOME TO STATE SPECIAL REVENUE ACCOUNTS; PROVIDING FOR REINVESTMENT OF A PORTION OF THE TRUST FOR PENSIONS AND HOUSING; PROVIDING FOR CALCULATIONS RELATED TO VOLATILE REVENUE; ESTABLISHING A MONTANA WATER DEVELOPMENT STATE SPECIAL REVENUE ACCOUNT; ESTABLISHING A BETTER LOCAL BRIDGE ACCOUNT; TRANSFERRING AUTHORITY FOR CERTAIN HOUSING LOANS FROM THE COAL TAX TRUST FUND TO THE MONTANA GROWTH AND OPPORTUNITY TRUST; ESTABLISHING A PENSION FUND; CREATING A MONTANA HOUSING TRUST; LIMITING THE TRANSFER OF VOLATILE REVENUE WHEN GENERAL FUND DEFICIT IS CERTIFIED OR OPERATING RESERVE IS ESTIMATED AT A CERTAIN AMOUNT; ESTABLISHING A MONTANA EARLY CHILDHOOD ACCOUNT, BOARD, AND FUNDING; PROVIDING PROPERTY TAX ASSISTANCE THAT IS DISTRIBUTED TO COUNTIES TO BE DISTRIBUTED AS A CREDIT TO CERTAIN PRIMARY RESIDENCES; REQUIRING THE DEPARTMENT OF REVENUE TO CERTIFY PRIMARY RESIDENCES; PROVIDING A PENALTY FOR FALSE OR FRAUDULENT PRIMARY RESIDENCE APPLICATIONS; PROVIDING AN APPEALS PROCESS FOR CERTIFICATION OF A PRIMARY RESIDENCE; PROVIDING A DEFINITION; REVISING FUNDING ALLOCATIONS; PROVIDING FOR TRANSFERS; PROVIDING FOR INVESTMENT INCOME TO BE TRANSFERRED IN EQUAL AMOUNTS TO THE GENERAL FUND AND THE DEBT AND LIABILITY FREE ACCOUNT; PLACING A CAP ON THE DEBT AND LIABILITY FREE ACCOUNT; REVISING REPORTING REQUIREMENTS ON THE DEBT AND LIABILITY FREE ACCOUNT; PROVIDING FOR TRANSFERS FROM THE DEBT AND LIABILITY FREE ACCOUNT; PROVIDING FOR TRANSFERS FROM THE PENSION STATE SPECIAL REVENUE ACCOUNT FUND TO THE TEACHERS' RETIREMENT SYSTEM OR THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM ON CERTIFICATION OF THE RETIREMENT SYSTEM BOARD; PROVIDING FOR AN INCREASE TO THE EMPLOYER SUPPLEMENTAL CONTRIBUTION RATE; PROVIDING FOR A FUND TRANSFER TRANSFERS; PROVIDING FOR - 2025 69th Legislature 2025 APPROPRIATIONS; AMING SECTIONS 15-7-102, 15-10-420, 15-15-101, 15-15-102, 15-15-103, 15-16- 101, 15-17-125, 15-38-302, 17-6-202, 17-6-214, 17-6-308, 17-6-317, 17-7-130, 17-7-134, 17-7-140, 19-3-316, AND 19-20-609, 85-1-631, 90-6-137, AND 90-6-603, MCA; REPEALING SECTION 17-7-134, MCA; AMING SECTION 5, CHAPTER 48, LAWS OF 2023; AND PROVIDING AN IMMEDIATE EFFECTIVE DATE.”
AI Summary
This bill establishes the Montana Growth and Opportunity Trust, a comprehensive financial restructuring mechanism designed to manage volatile state revenues and distribute funds to various state programs and initiatives. The bill creates several key accounts and trust funds, including a State Property Tax Assistance Account, a Water Development State Special Revenue Account, a Better Local Bridge Account, a Pension Fund, a Montana Housing Trust, and a Montana Early Childhood Account. The trust will receive transfers of volatile revenues, with funds split between a distribution portion and a reinvestment portion. The distribution portion will allocate interest earnings to property tax assistance, water development, local bridges, and early childhood programs, while the reinvestment portion will direct funds to the pension fund and housing trust. The bill introduces a complex system for calculating volatile revenue based on capital gains, partnership income, and interest earnings, with provisions for reducing transfers during years of low general fund balances. Additionally, the bill establishes a new property tax assistance program for primary residences, creates a Montana Early Childhood Account Board to oversee early childhood education and care initiatives, and makes various technical amendments to existing state finance laws. The legislation aims to provide more stable funding for critical state services, support long-term financial planning, and offer property tax relief to Montana residents.
Committee Categories
Budget and Finance, Government Affairs
Sponsors (1)
Last Action
(S) Died in Process (on 05/23/2025)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://bills.legmt.gov/#/laws/bill/2/LC2376 |
| State Bill Page | https://bills.legmt.gov/#/lc/bill/2/LC2376 |
| BillText | https://docs.legmt.gov/download-ticket?ticketId=d5393573-f7dd-4ef7-8d94-d6f4a9c253d8 |
| Fiscal Note SB0287_2 | https://docs.legmt.gov/download-ticket?ticketId=9a2164d1-81ed-41f1-9460-2287fe0a55b3 |
| BillText | https://docs.legmt.gov/download-ticket?ticketId=4c4e3ba4-8bea-43b7-acab-5123d3dfd508 |
| Fiscal Note SB0287_1 | https://docs.legmt.gov/download-ticket?ticketId=2b33070a-568f-41e7-b9ea-1adff0275e22 |
| BillText | https://docs.legmt.gov/download-ticket?ticketId=44a9eb86-1f37-4c65-80f5-af61c016082b |
| BillText | https://api.legmt.gov/docs/v1/documents/getContent?documentId=276086 |
Loading...