House Bill 495 aims to repeal the Federal Mandates Act in Montana and revise the associated reporting requirements. The bill specifically repeals several sections of the Montana Code Annotated (MCA), including sections 2-1-401, 2-1-403, 2-1-404, 2-1-405, 2-1-406, 2-1-407, 2-1-408, and 2-1-409. These sections cover various aspects of state programs related to federal statutes, budget recommendations, and legislative oversight concerning federal mandates.

Additionally, the bill directs the code commissioner to renumber the relevant sections into a new section in Title 5, chapter 11, part 1 of the MCA. This legislative change reflects a significant shift in how Montana will handle federal mandates and their reporting, potentially streamlining processes and reducing the regulatory burden on state programs.