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 existing Coal Severance Tax Trust Fund, allowing a portion of its earnings to be used to increase the aggregate limits for educational tax credits. It also proposes a mechanism for transferring funds and eliminates the sunset provision from current educational tax credit programs. Key amendments are made to sections 15-30-3110, 15-30-3111, and 17-5-703 of the Montana Code Annotated (MCA), along with the repeal of certain sections from previous laws.

Additionally, the bill mandates that the state treasurer transfer 50% of the earnings from the Educational Opportunity Fund to the state general fund annually and stipulates that 65% of the excess amount in the coal severance tax bond fund be allocated to both the coal board fund and the Montana coal endowment fund. It also includes provisions for the termination of certain sections of previous laws with expiration dates ranging from December 31, 2022, to December 31, 2029, and requires a transfer of $100 million from the general fund to the Educational Opportunity Fund by August 15, 2025. The provisions of this act are set to take effect on 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: 15-30-3110, 15-30-3111, 17-5-703