The bill amends Section 53-25-103 of the Montana Achieving a Better Life Experience Act to align the definitions used in this act with those in the Montana Individual Income Tax Code, specifically referencing the Internal Revenue Code. The amendments include clarifying terms such as "Internal Revenue Code," "qualified disability expenses," and "designated beneficiary," ensuring consistency across state laws. The bill also introduces new sections that establish an immediate effective date upon passage and a retroactive applicability date for income tax years beginning after December 31, 2024.

In summary, this legislation aims to streamline the definitions related to the Achieving a Better Life Experience program by synchronizing them with existing tax codes, thereby enhancing clarity and compliance for stakeholders involved in the program. The retroactive applicability ensures that the changes will be recognized for tax purposes starting from the specified date, which may impact individuals and families utilizing the program for their financial planning.

Statutes affected:
LC Text: 53-25-103