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MT HB132

Bill

Official Source

Status

Failed

5/20/2025

Primary Sponsor

Terry Falk

Click for details

Origin

House of Representatives

2025 Regular Session

AI Summary

  • Creates a new Montana individual income tax deduction for interest income reported on IRS Form 1099, allowing individuals, heads of household, and married individuals filing separately to deduct up to $2,500

  • Married taxpayers filing jointly may deduct up to $5,000 for their combined qualifying interest income

  • Amends Section 15-30-2120, MCA, which governs adjustments to federal taxable income for calculating Montana taxable income

  • Effective January 1, 2026, applying to tax years beginning after December 31, 2025

Legislative Description

Exempt a portion of interest earnings from individual income tax

Taxation--Individual Income

Last Action

(H) Died in Process

5/20/2025

Committee Referrals

Taxation1/8/2025

Full Bill Text

No bill text available