The bill revises the Elderly Homeowner and Renter Income Tax Credit by updating the definition of household income, increasing the maximum credit amount from $1,150 to $1,400, and modifying the phaseout thresholds for the credit. It introduces an inflationary adjustment mechanism for both the maximum credit amount and the income levels at which the credit begins to phase out. Specifically, the household income threshold for calculating the credit is raised from $12,600 to $14,100, and the income levels for credit percentage reductions are adjusted to provide more substantial benefits to claimants with incomes between $35,000 and $50,000.

Additionally, the bill mandates that the Department of Revenue will adjust the gross household income amounts annually based on an inflation factor, ensuring that the credit remains relevant over time. It repeals certain sections of previous legislation that are no longer applicable and establishes an immediate effective date, with retroactive applicability for income tax years beginning after December 31, 2024. This comprehensive update aims to enhance financial support for elderly homeowners and renters in Montana.

Statutes affected:
LC Text: 15-30-2337, 15-30-2340
HB0831_1(1): 15-30-2337, 15-30-2340
HB0831_1(10): 15-30-2337, 15-30-2340
HB0831_1(2): 15-30-2337, 15-30-2340
HB0831_1(3): 15-30-2337, 15-30-2340
HB0831_1(4): 15-30-2337, 15-30-2340
HB0831_1(5): 15-30-2337, 15-30-2340
HB0831_1(6): 15-30-2337, 15-30-2340
HB0831_1(7): 15-30-2337, 15-30-2340
HB0831_1(8): 15-30-2337, 15-30-2340
HB0831_1(9): 15-30-2337, 15-30-2340
HB0831_1: 15-30-2337, 15-30-2340
HB0831_2(1): 15-30-2337, 15-30-2340
HB0831_2(2): 15-30-2337, 15-30-2340
HB0831_2(3): 15-30-2337, 15-30-2340
HB0831_2(4): 15-30-2337, 15-30-2340
HB0831_2(5): 15-30-2337, 15-30-2340
HB0831_2: 15-30-2337, 15-30-2340
HB0831_X(1): 15-30-2337, 15-30-2340
HB0831_X(10): 15-30-2337, 15-30-2340
HB0831_X(2): 15-30-2337, 15-30-2340
HB0831_X(3): 15-30-2337, 15-30-2340
HB0831_X(4): 15-30-2337, 15-30-2340
HB0831_X(5): 15-30-2337, 15-30-2340
HB0831_X(6): 15-30-2337, 15-30-2340
HB0831_X(7): 15-30-2337, 15-30-2340
HB0831_X(8): 15-30-2337, 15-30-2340
HB0831_X(9): 15-30-2337, 15-30-2340
HB0831_X: 15-30-2337, 15-30-2340