Bill > HB839

This bill creates a new income tax credit for long-time Montana residents who meet specific criteria. The credit allows taxpayers who have lived in Montana for at least 10 years and have an annual income under $100,000 to receive a $500 tax credit. To qualify as a resident, an individual must have lived in the state for at least 7 months in each of the past 10 years. The credit is non-refundable and cannot be carried forward to future tax years, meaning it can only be used to reduce taxes in the current year. The legislature explicitly states that the purpose of this tax credit is to reduce the tax burden on long-time Montana residents. The bill also amends an existing statute to include this new tax credit in the list of credits that will be periodically reviewed by the revenue interim committee to assess its effectiveness and impact. The tax credit will become applicable for income tax years beginning after December 31, 2025, giving taxpayers and state agencies time to prepare for its implementation.

Budget and Finance

https://bills.legmt.gov/#/laws/bill/2/LC4083