The bill revises the residential property tax credit in Montana, making it available to taxpayers aged 62 and older, while introducing a co-payment requirement for those under 62. It increases the maximum credit amount to $1,300 and allows claimants under 62 to receive 80% of the calculated credit. The bill also removes previous age and gross household income limitations, streamlining eligibility criteria. Additionally, it extends rulemaking authority for the administration of the tax credit, ensuring that regulations can be updated as needed. The bill is set to take effect immediately upon passage and includes provisions for retroactive applicability to income tax years starting after December 31, 2022.

Moreover, the bill amends various sections of the Montana Code Annotated (MCA) related to property tax assessments and credits. It introduces new provisions for taxpayers to request comparable sales data and clarifies the informal review process for property valuation objections. The department is restricted from increasing appraised values beyond objections unless justified by physical changes or errors. The bill also emphasizes the need for regular reviews of tax credits by the revenue interim committee to assess their effectiveness, while repealing certain sections of previous legislation and establishing new effective dates for specific provisions. The budget director is tasked with evaluating the financial impacts of the act to ensure compliance with federal guidelines while providing tax relief.

Statutes affected:
Introduced: 15-6-201, 15-7-102, 15-16-101, 15-17-125, 15-30-2303, 15-30-2338, 15-30-2340