House Bill No. introduced by M. Nikolakakos and G. Parry aims to revise the Montana Achieving a Better Life Experience Act by aligning the definitions used in this act with those in the Montana Individual Income Tax Code, specifically referencing the Internal Revenue Code. The bill amends Section 53-25-103 of the Montana Code Annotated (MCA) to ensure consistency in terminology and definitions related to accounts, contributions, designated beneficiaries, and qualified disability expenses, among others.

Additionally, the bill includes provisions for an immediate effective date upon passage and approval, as well as retroactive applicability to income tax years beginning after December 31, 2024. This means that the changes will not only take effect immediately but will also apply to past tax years, ensuring that individuals and entities can benefit from the revised definitions in their tax filings.

Statutes affected:
LC Text: 53-25-103
HB0671_1(1): 53-25-103
HB0671_1(2): 53-25-103
HB0671_1(3): 53-25-103
HB0671_1(4): 53-25-103
HB0671_1: 53-25-103