Senate Bill No. introduced by D. Emrich seeks to amend state finance laws related to the Coal Severance Tax Trust Fund and educational tax credits. The bill establishes an Educational Opportunity Fund within the Coal Severance Tax Trust Fund, allowing a portion of its earnings to be allocated to increase the aggregate limits for educational tax credits. It proposes a mechanism for transferring funds and eliminates the sunset provision from existing educational tax credit programs. Key amendments to Sections 15-30-3110 and 15-30-3111 outline the credits for donations to public schools and student scholarship organizations, setting specific limits on tax credits and introducing a preapproval process for donations.

Additionally, the bill amends Section 17-5-703 to incorporate the Educational Opportunity Fund into the Coal Severance Tax Trust Funds, mandating that 50% of the fund's earnings be transferred to the state general fund annually, while the remaining earnings are retained. It also specifies that once the coal board fund reaches $150 million, 65% of the excess in the coal severance tax bond fund will be transferred to the Montana coal endowment fund. The bill includes provisions for the termination of certain sections of previous laws with expiration dates from December 31, 2022, to December 31, 2029, and mandates a one-time transfer of $100 million from the general fund to the educational opportunity fund by August 15, 2025, with an effective date of July 1, 2025.

Statutes affected:
LC Text: 15-30-3110, 15-30-3111, 17-5-703
SB0159_1(1): 15-30-3110, 15-30-3111, 17-5-703
SB0159_1(2): 15-30-3110, 15-30-3111, 17-5-703
SB0159_1(3): 15-30-3110, 15-30-3111, 17-5-703
SB0159_1(4): 15-30-3110, 15-30-3111, 17-5-703
SB0159_1(5): 15-30-3110, 15-30-3111, 17-5-703
SB0159_1(6): 15-30-3110, 15-30-3111, 17-5-703
SB0159_1(7): 15-30-3110, 15-30-3111, 17-5-703
SB0159_1: 15-30-3110, 15-30-3111, 17-5-703