Bill > HB416

This bill amends existing Montana law to provide tax exemptions for military income, specifically exempting salary received by Montana residents serving on active duty in the regular armed forces who entered active duty from Montana from state income tax, and also exempts the first $2,000 received per tax year by a Montana resident for military service in the Montana National Guard from taxation. The bill also clarifies that certain payments related to World War I, Korean, and veterans' bonus laws, as well as reimbursements for group life insurance premiums and benefits received by a beneficiary under a specific statute, are exempt from taxation. Furthermore, this legislation applies retroactively to tax years beginning after December 31, 2014, and becomes effective upon passage and approval.