Senate Bill No. introduced by W. Galt proposes a property tax rebate for taxpayers on their principal residence, offering a rebate of up to $400 for property taxes paid during the tax year 2024. The bill defines "Montana property taxes" and "principal residence," stipulating that the rebate is available only for residences occupied by the taxpayer for at least seven months of the year. It allows for claims to be made electronically or by mail, with specific deadlines for submission, and includes penalties for false or fraudulent claims, stating that any excess rebate paid may be assessed back to the taxpayer. Additionally, the bill amends Section 15-30-2120 of the Montana Code Annotated to clarify that the property tax rebate will not be subject to the Montana individual income tax and specifies that the amount of the rebate will be subtracted from federal taxable income.

The bill introduces several new sections to existing law, specifically aimed at codifying provisions related to Title 15, chapter 1, and includes a codification instruction to ensure these sections are integrated into this title. It establishes an effective date for the act upon passage and approval, along with a termination date indicating that the provisions will cease to be in effect on June 30, 2026. This structured approach provides a clear timeline for the implementation and eventual conclusion of the new legal provisions introduced by the bill.

Statutes affected:
LC Text: 15-30-2120
SB0434_1(1): 15-30-2120
SB0434_1(2): 15-30-2120
SB0434_1(3): 15-30-2120
SB0434_1(4): 15-30-2120
SB0434_1(5): 15-30-2120
SB0434_1(6): 15-30-2120
SB0434_1: 15-30-2120