The bill seeks to amend various tax laws in Montana, with a particular emphasis on income tax regulations and education savings accounts. Key changes include the extension of tax filing deadlines that coincide with federal holidays and the repeal of the requirement for a certificate from the Department of Revenue regarding estate tax in probate proceedings. The bill also introduces new definitions related to education expenses, such as "qualified education expenses," "qualified tuition program," and "qualified withdrawal," which now allows for rollovers to Roth IRAs as per the Internal Revenue Code. Additionally, it removes the previous cap on deductions for contributions to education savings accounts, which was limited to $3,000, thus enabling individuals to reduce their adjusted gross income based on their contributions without restriction.

Significant amendments include a new provision that allows head of household and married individuals filing separately to reduce their taxable income by contributions to education savings accounts, with a maximum reduction of $6,000 for joint filers. The bill also updates the withholding rate on mineral royalty payments to align with the highest marginal tax rate under current law, replacing the fixed rate of 6%. Furthermore, it repeals certain provisions regarding the allocation of tax credits between spouses for historic building preservation, simplifying the process. The act is set to take effect immediately 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: 15-30-2120, 15-30-2339, 15-30-2342, 15-30-2538, 15-62-103, 15-62-207, 53-25-117