The bill revises the Property Tax Assistance Program by updating the qualifying income levels for participants. Specifically, it amends Section 15-6-305 of the Montana Code Annotated to reflect new income brackets for single persons, married couples, and heads of households. The previous income thresholds have been replaced with new figures, where the income ranges for tax assistance are now set at $0 - $15,060 for single persons, $0 - $20,440 for married couples, and so forth, with corresponding percentage multipliers of 20%, 50%, and 70%. The bill also stipulates that these qualifying income levels will be adjusted annually based on the PCE inflation factor.

Additionally, the bill includes a new section that establishes the applicability of these changes to property tax years beginning after December 31, 2025. This means that the revised income levels and adjustments will not take effect until the specified date, allowing for a transition period for both the state and potential program participants.

Statutes affected:
LC Text: 15-6-305