This 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. The bill outlines eligibility requirements for the credit, including that a claimant's gross rent must equal 30% or more of their earned income, and they must not reside in a deed-restricted apartment. Additionally, qualifying teachers may exclude certain income when calculating the credit. The maximum credit amounts are set at $1,200 for those whose gross rent is 40% or less of earned income and $1,750 for those whose gross rent exceeds that threshold.

The bill also amends existing sections of the Montana Code Annotated (MCA) related to tax credits, specifically increasing the residential property tax credit for the elderly and providing an inflationary adjustment for the income at which credits phase out. It repeals certain sections of previous legislation and establishes a review process for various tax credits, including the newly introduced workforce renter's tax credit. The act is set to take effect immediately upon passage and approval, with retroactive applicability to income tax years beginning after December 31, 2024.

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