House Bill No. [insert bill number] introduces a new Housing Fairness Income Tax Credit designed to provide financial relief to Montana taxpayers who pay property taxes or rent-equivalent property taxes. The bill defines key terms such as "claimant," "gross rent," and "household income," and sets forth eligibility criteria, including residency and income thresholds. Taxpayers can choose between this new credit and existing credits for the elderly or disabled veterans, but cannot claim both. The credit amount is determined based on property taxes billed or rent-equivalent property taxes paid, adjusted for household income. Additionally, the bill amends various sections of the Montana Code Annotated (MCA) to clarify eligibility for property tax assistance programs and ensure that properties receiving the new credit are not eligible for other exemptions.

The bill also mandates that property owners receive notifications regarding changes in ownership, classification, or valuation, and must include information about available property tax assistance programs, including the new Housing Fairness Property Tax Credit. It outlines procedures for contesting appraisals and classifications, ensuring transparency in the review process. Furthermore, the bill requires a review of specific tax credits, including the new Housing Fairness Property Tax Credit, every eight years, and specifies that taxpayers cannot claim both this new credit and the residential property tax credit for the elderly. The effective date for the new credit is set for January 1, 2026, applicable to claims for income tax years beginning on or after that date.

Statutes affected:
LC Text: 15-6-240, 15-6-302, 15-7-102, 15-16-101, 15-17-125, 15-30-2303, 15-30-2341
HB0154_1(1): 15-6-240, 15-6-302, 15-7-102, 15-16-101, 15-17-125, 15-30-2303, 15-30-2341
HB0154_1(10): 15-6-240, 15-6-302, 15-7-102, 15-16-101, 15-17-125, 15-30-2303, 15-30-2341
HB0154_1(11): 15-6-240, 15-6-302, 15-7-102, 15-16-101, 15-17-125, 15-30-2303, 15-30-2341
HB0154_1(12): 15-6-240, 15-6-302, 15-7-102, 15-16-101, 15-17-125, 15-30-2303, 15-30-2341
HB0154_1(2): 15-6-240, 15-6-302, 15-7-102, 15-16-101, 15-17-125, 15-30-2303, 15-30-2341
HB0154_1(3): 15-6-240, 15-6-302, 15-7-102, 15-16-101, 15-17-125, 15-30-2303, 15-30-2341
HB0154_1(4): 15-6-240, 15-6-302, 15-7-102, 15-16-101, 15-17-125, 15-30-2303, 15-30-2341
HB0154_1(5): 15-6-240, 15-6-302, 15-7-102, 15-16-101, 15-17-125, 15-30-2303, 15-30-2341
HB0154_1(6): 15-6-240, 15-6-302, 15-7-102, 15-16-101, 15-17-125, 15-30-2303, 15-30-2341
HB0154_1(7): 15-6-240, 15-6-302, 15-7-102, 15-16-101, 15-17-125, 15-30-2303, 15-30-2341
HB0154_1(8): 15-6-240, 15-6-302, 15-7-102, 15-16-101, 15-17-125, 15-30-2303, 15-30-2341
HB0154_1(9): 15-6-240, 15-6-302, 15-7-102, 15-16-101, 15-17-125, 15-30-2303, 15-30-2341
HB0154_1: 15-6-240, 15-6-302, 15-7-102, 15-16-101, 15-17-125, 15-30-2303, 15-30-2341
HB0154_2(1): 15-6-240, 15-6-302, 15-7-102, 15-16-101, 15-17-125, 15-30-2303, 15-30-2341
HB0154_2(10): 15-6-240, 15-6-302, 15-7-102, 15-16-101, 15-17-125, 15-30-2303, 15-30-2341
HB0154_2(2): 15-6-240, 15-6-302, 15-7-102, 15-16-101, 15-17-125, 15-30-2303, 15-30-2341
HB0154_2(3): 15-6-240, 15-6-302, 15-7-102, 15-16-101, 15-17-125, 15-30-2303, 15-30-2341
HB0154_2(4): 15-6-240, 15-6-302, 15-7-102, 15-16-101, 15-17-125, 15-30-2303, 15-30-2341
HB0154_2(5): 15-6-240, 15-6-302, 15-7-102, 15-16-101, 15-17-125, 15-30-2303, 15-30-2341
HB0154_2(6): 15-6-240, 15-6-302, 15-7-102, 15-16-101, 15-17-125, 15-30-2303, 15-30-2341
HB0154_2(7): 15-6-240, 15-6-302, 15-7-102, 15-16-101, 15-17-125, 15-30-2303, 15-30-2341
HB0154_2(8): 15-6-240, 15-6-302, 15-7-102, 15-16-101, 15-17-125, 15-30-2303, 15-30-2341
HB0154_2(9): 15-6-240, 15-6-302, 15-7-102, 15-16-101, 15-17-125, 15-30-2303, 15-30-2341
HB0154_2: 15-6-240, 15-6-302, 15-7-102, 15-16-101, 15-17-125, 15-30-2303, 15-30-2341