This bill proposes a property tax rebate for taxpayers on their principal residence, allowing for a rebate of up to $330 for the tax year 2024. The bill amends several sections of the Montana Code Annotated (MCA) to update definitions and eligibility criteria for the rebate. Notably, it changes the tax year references from 2022 and 2023 to 2024, ensuring that the rebate applies to property taxes assessed and paid during the 2024 tax year. The bill also establishes a statutory appropriation for the payment of these rebates and outlines the process for claiming them, including the requirement for electronic or mail submissions.

Additionally, the bill modifies the capital developments long-range building program account to allocate interest earnings for property tax rebates, specifically for the fiscal year ending June 30, 2025. It also clarifies that only one rebate will be issued per taxpayer for the 2024 tax year. The act is set to take effect immediately upon passage and approval, with a termination date extended to June 30, 2026.

Statutes affected:
LC Text: 15-1-2301, 15-1-2302, 15-1-2304, 17-7-209