This bill aims to provide property tax relief for residential property taxes paid, introduce a workforce renter's tax credit, and enhance the existing residential property tax credit for the elderly. It establishes a new workforce renter's credit for individuals under 62 with a gross household income of less than $45,000 who pay rent-equivalent property taxes. The bill outlines eligibility criteria, including that a claimant's gross rent must be at least 30% of their earned income, and it allows qualifying teachers to exclude certain income when calculating the credit. Additionally, the bill increases the residential property tax credit for the elderly and includes provisions for an inflationary adjustment for the income thresholds at which these 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 interim committee. It repeals certain sections from previous legislation and includes new definitions relevant to the credits, such as "qualifying teacher" and "rent-equivalent tax paid." The bill mandates that the Department of Revenue adjust income thresholds annually based on inflation and establishes an immediate effective date with retroactive applicability for income tax years beginning after December 31, 2024.

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