House Bill No. introduced by T. Falk proposes revisions to individual income taxation in Montana by introducing an interest received deduction. The bill amends Section 15-30-2120 of the Montana Code Annotated (MCA) to allow taxpayers to reduce their taxable income by a specified amount of interest income reported on IRS Form 1099. The deduction is limited based on the taxpayer's filing status, with individual filers able to deduct up to $2,500 and married couples filing jointly able to deduct up to $5,000. This new provision is set to terminate on June 30, 2025.

Additionally, the bill includes a delayed effective date, with the new provisions applying to income tax years beginning after December 31, 2025. The legislation aims to provide tax relief to individuals receiving interest income, thereby potentially encouraging savings and investment. The bill also outlines specific conditions under which the deductions can be claimed, ensuring that they are only available to qualifying taxpayers.

Statutes affected:
LC Text: 15-30-2120
HB0132_1(1): 15-30-2120
HB0132_1(2): 15-30-2120
HB0132_1(3): 15-30-2120
HB0132_1(4): 15-30-2120
HB0132_1(5): 15-30-2120
HB0132_1(6): 15-30-2120
HB0132_1: 15-30-2120