The bill seeks to amend various tax laws in Montana, with a particular emphasis on income tax regulations and education savings accounts. Key provisions include the introduction of new definitions for terms related to education expenses, such as "qualified education expenses," "qualified tuition program," and "qualified withdrawal," which now allows for special rollovers to Roth IRAs as per the Internal Revenue Code. The bill also eliminates the previous cap on deductions for contributions to education savings accounts, which was limited to $3,000, thereby benefiting both individual contributors and those related to designated beneficiaries.

Additionally, the bill repeals the requirement for a certificate from the Department of Revenue regarding estate tax in probate proceedings and extends tax filing deadlines when they coincide with recognized federal holidays. It modifies the income tax reduction for contributions to family education savings accounts, allowing married taxpayers filing jointly to claim a combined reduction of up to $6,000. The withholding rate on mineral royalty payments will be adjusted to reflect the highest marginal tax rate under current law, and a provision restricting the allocation of tax credits between spouses for the preservation of historic buildings will be repealed. The act is set to take effect immediately upon passage and will apply retroactively to tax years beginning after December 31, 2023.

Statutes affected:
LC Text: 15-30-2120, 15-30-2339, 15-30-2342, 15-30-2538, 15-62-103, 15-62-207, 53-25-117
SB0053_1(1): 15-30-2120, 15-30-2339, 15-30-2342, 15-30-2538, 15-62-103, 15-62-207, 53-25-117
SB0053_1(2): 15-30-2120, 15-30-2339, 15-30-2342, 15-30-2538, 15-62-103, 15-62-207, 53-25-117
SB0053_1(3): 15-30-2120, 15-30-2339, 15-30-2342, 15-30-2538, 15-62-103, 15-62-207, 53-25-117
SB0053_1(4): 15-30-2120, 15-30-2339, 15-30-2342, 15-30-2538, 15-62-103, 15-62-207, 53-25-117
SB0053_1(5): 15-30-2120, 15-30-2339, 15-30-2342, 15-30-2538, 15-62-103, 15-62-207, 53-25-117
SB0053_1(6): 15-30-2120, 15-30-2339, 15-30-2342, 15-30-2538, 15-62-103, 15-62-207, 53-25-117
SB0053_1(7): 15-30-2120, 15-30-2339, 15-30-2342, 15-30-2538, 15-62-103, 15-62-207, 53-25-117
SB0053_1: 15-30-2120, 15-30-2339, 15-30-2342, 15-30-2538, 15-62-103, 15-62-207, 53-25-117
SB0053_2(1): 15-30-2120, 15-30-2339, 15-30-2342, 15-30-2538, 15-62-103, 15-62-207, 53-25-117
SB0053_2(10): 15-30-2120, 15-30-2339, 15-30-2342, 15-30-2538, 15-62-103, 15-62-207, 53-25-117
SB0053_2(2): 15-30-2120, 15-30-2339, 15-30-2342, 15-30-2538, 15-62-103, 15-62-207, 53-25-117
SB0053_2(3): 15-30-2120, 15-30-2339, 15-30-2342, 15-30-2538, 15-62-103, 15-62-207, 53-25-117
SB0053_2(4): 15-30-2120, 15-30-2339, 15-30-2342, 15-30-2538, 15-62-103, 15-62-207, 53-25-117
SB0053_2(5): 15-30-2120, 15-30-2339, 15-30-2342, 15-30-2538, 15-62-103, 15-62-207, 53-25-117
SB0053_2(6): 15-30-2120, 15-30-2339, 15-30-2342, 15-30-2538, 15-62-103, 15-62-207, 53-25-117
SB0053_2(7): 15-30-2120, 15-30-2339, 15-30-2342, 15-30-2538, 15-62-103, 15-62-207, 53-25-117
SB0053_2(8): 15-30-2120, 15-30-2339, 15-30-2342, 15-30-2538, 15-62-103, 15-62-207, 53-25-117
SB0053_2(9): 15-30-2120, 15-30-2339, 15-30-2342, 15-30-2538, 15-62-103, 15-62-207, 53-25-117
SB0053_2: 15-30-2120, 15-30-2339, 15-30-2342, 15-30-2538, 15-62-103, 15-62-207, 53-25-117
SB0053_X(1): 15-30-2120, 15-30-2339, 15-30-2342, 15-30-2538, 15-62-103, 15-62-207, 53-25-117
SB0053_X(2): 15-30-2120, 15-30-2339, 15-30-2342, 15-30-2538, 15-62-103, 15-62-207, 53-25-117
SB0053_X(3): 15-30-2120, 15-30-2339, 15-30-2342, 15-30-2538, 15-62-103, 15-62-207, 53-25-117
SB0053_X(4): 15-30-2120, 15-30-2339, 15-30-2342, 15-30-2538, 15-62-103, 15-62-207, 53-25-117
SB0053_X(5): 15-30-2120, 15-30-2339, 15-30-2342, 15-30-2538, 15-62-103, 15-62-207, 53-25-117
SB0053_X(6): 15-30-2120, 15-30-2339, 15-30-2342, 15-30-2538, 15-62-103, 15-62-207, 53-25-117
SB0053_X(7): 15-30-2120, 15-30-2339, 15-30-2342, 15-30-2538, 15-62-103, 15-62-207, 53-25-117
SB0053_X(8): 15-30-2120, 15-30-2339, 15-30-2342, 15-30-2538, 15-62-103, 15-62-207, 53-25-117
SB0053_X(9): 15-30-2120, 15-30-2339, 15-30-2342, 15-30-2538, 15-62-103, 15-62-207, 53-25-117
SB0053_X: 15-30-2120, 15-30-2339, 15-30-2342, 15-30-2538, 15-62-103, 15-62-207, 53-25-117