The proposed bill aims to provide property tax relief for residential property taxes and introduces a workforce renter's tax credit for individuals under 62 years of age with a gross household income of less than $45,000 who pay rent-equivalent property taxes. It establishes eligibility requirements for the credit, including that a claimant's gross rent must equal 30% or more of their earned income, and excludes certain income for qualifying teachers when calculating the credit. Additionally, the bill increases the residential property tax credit for the elderly and includes an inflationary adjustment for the income thresholds at which the credits phase out.

The bill also amends several sections of the Montana Code Annotated (MCA) related to tax credits, specifically adding the workforce renter's tax credit to the list of credits subject to review by the revenue interim committee. It repeals certain sections from previous legislation and includes provisions for the retroactive applicability of the act to income tax years beginning after December 31, 2024. The bill is designed to enhance tax relief measures for both renters and elderly homeowners, thereby addressing the financial burdens associated with property taxes in Montana.

Statutes affected:
LC Text: 15-30-2303, 15-30-2337, 15-30-2340, 53-4-1103