Senate Bill No. introduced by G. Hertz aims to revise income tax deductions related to certain trade or business expenses by allowing a qualified business income tax deduction. This deduction is based on the amount claimed under Section 199A of the Internal Revenue Code. The bill amends Section 15-30-2120 of the Montana Code Annotated (MCA) to remove the previous language regarding the deduction for qualified business income, which is now replaced with provisions that allow for this deduction under the specified federal code.

Additionally, the bill establishes an immediate effective date upon passage and approval, and it includes a retroactive applicability clause for tax years beginning after December 31, 2024. This means that the changes will not only take effect immediately but will also apply to past tax years, potentially impacting taxpayers who qualify for the deductions in those years.

Statutes affected:
LC Text: 15-30-2120
SB0538_1(1): 15-30-2120
SB0538_1: 15-30-2120