The bill seeks to amend various tax laws in Montana, with a primary focus on income tax regulations and education savings accounts. Key provisions include the extension of tax filing deadlines when they fall on recognized federal holidays and the repeal of the requirement for a certificate from the Department of Revenue regarding estate tax in probate proceedings. Additionally, the bill clarifies marital filing statuses and aligns state tax laws with the Internal Revenue Code concerning qualified withdrawals from education savings accounts. Notably, it introduces a new provision allowing taxpayers to reduce their taxable income based on contributions to education savings accounts, with a maximum reduction of $3,000 for individuals and $6,000 for married couples filing jointly.

Moreover, the bill eliminates the previous cap on deductions for contributions to education savings accounts, which was limited to $3,000, and introduces new definitions related to education expenses and withdrawals, including a special rollover from an education savings account to a Roth IRA as a qualified withdrawal. The bill also establishes an immediate effective date and retroactive applicability for certain provisions, ensuring that the changes will apply 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