House Bill No. [insert bill number] establishes the "Rural Montana Veterinary Workforce Act," which aims to create a veterinary training loan program for students committed to practicing in underserved areas of Montana. The program will provide loans to students enrolled in accredited veterinary medicine programs, prioritizing Montana residents. Participants must agree to practice full-time in an underserved area for four years after completing their degree. The bill outlines eligibility requirements, loan limits, and repayment conditions, including provisions for loan forgiveness based on the duration of practice in designated areas. Additionally, the bill amends Section 15-30-2120 of the Montana Code Annotated to specify that forgiven loans from the veterinary training loan program will not be considered taxable income.

The legislation also introduces amendments to existing tax laws, allowing taxpayers who have reduced their business deductions due to federal tax credits to still deduct the full amount of wages, salaries, or business expenses paid. It permits individuals contributing to the Montana family education savings program or similar programs in other states to reduce their taxable income by up to $3,000 for their contributions. The bill appropriates $425,000 from the general fund to support the veterinary training loan program for the biennium beginning July 1, 2025, and establishes that the provisions related to this program will be codified in Title 20, chapter 26. The act is set to take effect on July 1, 2025.

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: 15-30-2120