The "Rural Montana Veterinary Workforce Act" establishes a Veterinary Training Loan Program designed to incentivize veterinary students to practice in underserved areas of Montana. Eligible students, particularly those who are Montana residents, can receive loans up to $100,000, contingent upon their commitment to work in these areas for four years after graduation. The program includes specific eligibility criteria, such as maintaining good academic standing and not having defaulted on previous education loans. Additionally, the bill outlines a loan forgiveness process, allowing participants to have portions of their loans forgiven for each year they fulfill their service commitment. If participants do not meet the program requirements, they must repay the loan within ten years, with an interest cap of 8% annually.

Furthermore, the bill amends existing tax laws to ensure that forgiven loans under this program are not treated as taxable income. It also introduces new deductions for taxpayers related to business expenses and education savings accounts, particularly for married couples, while setting limits on these deductions. The legislation allocates $425,000 from the general fund for the veterinary training loan program and establishes a timeline for the program's implementation, effective from July 1, 2025, to June 30, 2035. An advisory committee will be formed to assist in program administration, and there will be biennial reporting to the legislature on the program's effectiveness.

Statutes affected:
LC Text: 15-30-2120
HB0860_1(1): 15-30-2120
HB0860_1(2): 15-30-2120
HB0860_1(3): 15-30-2120
HB0860_1(4): 15-30-2120
HB0860_1: 15-30-2120
HB0860_2(1): 15-30-2120
HB0860_2(2): 15-30-2120
HB0860_2(3): 15-30-2120
HB0860_2(4): 15-30-2120
HB0860_2(5): 15-30-2120
HB0860_2(6): 15-30-2120
HB0860_2: 15-30-2120
HB0860_3(1): 15-30-2120
HB0860_3(10): 15-30-2120
HB0860_3(11): 15-30-2120
HB0860_3(2): 15-30-2120
HB0860_3(3): 15-30-2120
HB0860_3(4): 15-30-2120
HB0860_3(5): 15-30-2120
HB0860_3(6): 15-30-2120
HB0860_3(7): 15-30-2120
HB0860_3(8): 15-30-2120
HB0860_3(9): 15-30-2120
HB0860_3: 15-30-2120
HB0860_X(1): 15-30-2120
HB0860_X(2): 15-30-2120
HB0860_X(3): 15-30-2120
HB0860_X(4): 15-30-2120
HB0860_X: 15-30-2120