MT HB831

Increases the maximum elderly homeowner and renter income tax credit from $1,150 to $1,400

Raises the household income deduction threshold from $12,600 to $14,100 when calculating eligibility

Expands the credit phaseout range from $35,000-$45,000 to $35,000-$50,000 in gross household income, with higher percentage credits allowed at each income tier (e.g., 60% at $35,000-$37,500, up from 40%)

Requires the Department of Revenue to annually adjust gross household income thresholds for inflation by November 1 of each year

Applies retroactively to tax years beginning after December 31, 2024, and is effective immediately upon passage