This bill aims to provide property tax relief for residential property taxes and introduces a workforce renter's tax credit for individuals under 62 years of age with a gross household income of less than $45,000 who pay rent-equivalent property taxes. The bill outlines eligibility requirements for the credit, including that a claimant's gross rent must equal 30% or more of their earned income, and they must not reside in a deed-restricted apartment. Additionally, qualifying teachers may exclude certain income when calculating the credit. The bill also increases the residential property tax credit for the elderly and includes provisions for an inflationary adjustment for the income at which the credits phase out.

The bill amends several sections of the Montana Code Annotated (MCA) and repeals specific sections from previous legislation. Notably, it introduces a new section for the workforce renter's tax credit and includes definitions relevant to the credit, such as "qualifying teacher" and "rent-equivalent tax paid." The bill also mandates that the Department of Revenue adjust gross household income amounts annually based on inflation. Furthermore, it establishes a retroactive applicability date for income tax years beginning after December 31, 2024, and provides for an immediate effective date upon passage and approval.

Statutes affected:
LC Text: 15-30-2303, 15-30-2337, 15-30-2340, 53-4-1103