House Bill 845 aims to increase the income tax deduction for contributions to family education savings accounts in Montana. The bill amends sections 15-30-2120 and 15-62-207 of the Montana Code Annotated (MCA) to raise the deduction limit from $3,000 to $4,500 for individual taxpayers, and from $3,000 to $9,000 for married taxpayers filing jointly. Additionally, the bill introduces provisions for annual inflationary adjustments to the deduction amount starting in 2025, ensuring that the deduction keeps pace with inflation.

The bill also includes a retroactive applicability clause, meaning it will apply to tax years beginning after December 31, 2024. Other amendments include clarifications on the eligibility of contributions and the conditions under which taxpayers can claim the deductions. The legislation is designed to encourage savings for education by providing greater tax relief to families contributing to these accounts.

Statutes affected:
LC Text: 15-62-207
HB0845_1(1): 15-62-207
HB0845_1(2): 15-62-207
HB0845_1(3): 15-62-207
HB0845_1(4): 15-62-207
HB0845_1(5): 15-62-207
HB0845_1(6): 15-62-207
HB0845_1: 15-62-207
HB0845_2(1): 15-62-207
HB0845_2(10): 15-62-207
HB0845_2(11): 15-62-207
HB0845_2(12): 15-62-207
HB0845_2(2): 15-62-207
HB0845_2(3): 15-62-207
HB0845_2(4): 15-62-207
HB0845_2(5): 15-62-207
HB0845_2(6): 15-62-207
HB0845_2(7): 15-62-207
HB0845_2(8): 15-62-207
HB0845_2(9): 15-62-207
HB0845_2: 15-62-207
HB0845_X(1): 15-30-2120, 15-62-207
HB0845_X(10): 15-30-2120, 15-62-207
HB0845_X(11): 15-30-2120, 15-62-207
HB0845_X(12): 15-30-2120, 15-62-207
HB0845_X(2): 15-30-2120, 15-62-207
HB0845_X(3): 15-30-2120, 15-62-207
HB0845_X(4): 15-30-2120, 15-62-207
HB0845_X(5): 15-30-2120, 15-62-207
HB0845_X(6): 15-30-2120, 15-62-207
HB0845_X(7): 15-30-2120, 15-62-207
HB0845_X(8): 15-30-2120, 15-62-207
HB0845_X(9): 15-30-2120, 15-62-207
HB0845_X: 15-30-2120, 15-62-207