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. To qualify for the rebate, the residence must be owned and occupied by the taxpayer for at least seven months of the year. The bill allows claims to be submitted electronically or by mail, with specific deadlines and provisions for extensions. It also includes penalties for false or fraudulent claims, enabling the department to recover overpaid rebates and impose significant penalties for fraudulent activities.

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, while specifying that the rebate amount will be included in calculations for determining Montana taxable income. The bill introduces new legal provisions to be codified as part of Title 15, chapter 1, and establishes an effective date upon passage, with a termination clause indicating that the act will cease to be in effect on June 30, 2026. This legislation aims to provide immediate financial relief to homeowners while ensuring accountability in the claims process.

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: 15-30-2120