The bill proposes to amend Section 15-6-157 of the Montana Code Annotated, which pertains to the classification and taxation of Class Fourteen property, primarily focusing on renewable energy facilities. The key change in the bill is the increase in the tax rate for Class Fourteen property from 3% to 6% of its market value. This classification includes various energy generation and storage facilities, such as wind, biomass, and energy storage systems, as well as properties related to biodiesel, biogas, and ethanol production that have commenced construction after specified dates.

Additionally, the bill establishes an immediate effective date upon passage and approval, along with a retroactive applicability clause that allows the new tax rate to apply to property tax years beginning after December 31, 2024. This means that the increased tax rate will not only take effect immediately but will also be applied retroactively to future tax assessments, impacting the financial obligations of property owners in the renewable energy sector.

Statutes affected:
LC Text: 15-6-157