This bill aims to revise various aspects of income tax laws, particularly focusing on the individual income tax rate table, which will be updated to take effect on January 1, 2024. It extends the tax deduction for medical savings accounts and clarifies how to calculate tax liability for composite tax returns. Additionally, the bill eliminates the option to establish a first-time home buyer savings account after the tax year 2023.

Furthermore, the legislation specifies that direct primary care fees and expenses related to health care sharing ministries will now qualify as eligible medical expenses for medical savings accounts. The bill includes amendments to multiple sections of the Montana Code Annotated (MCA) to reflect these changes and provides effective dates, an applicability date, and a retroactive applicability date for the new provisions.

Statutes affected:
SB0550_1.pdf: 15-30-2113, 15-30-2120, 15-30-2318, 15-30-2522, 15-30-3312, 15-31-1003, 15-61-102, 15-61-202, 15-63-201, 50-4-107
SB0550_2.pdf: 15-30-2113, 15-30-2120, 15-30-2318, 15-30-2522, 15-30-3312, 15-31-1003, 15-61-102, 15-61-202, 15-63-201, 50-4-107
Amended: 15-30-2113, 15-30-2120, 15-30-2318, 15-30-2522, 15-30-3312, 15-31-1003, 15-61-102, 15-61-202, 15-63-201, 50-4-107
Introduced: 15-30-2113, 15-30-2120, 15-30-2318, 15-30-2522, 15-30-3312, 15-31-1003, 15-61-102, 15-61-202, 15-63-201, 50-4-107