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MT SB53
Bill
AI Summary
- Married taxpayers filing jointly may now claim a combined $6,000 deduction (up from $3,000 per spouse) for contributions to Montana family education savings accounts or ABLE accounts, eliminating the previous requirement for spouses to elect to split contributions
- Mineral royalty withholding rate changes from a fixed 6% to "the highest marginal tax rate in effect" under Montana income tax law
- Filing deadline for elderly residential property tax credit claims extends to the first business day after April 15 when that date falls on a federal filing holiday not observed in Montana
- "Qualified withdrawal" from education savings accounts now includes special rollovers to Roth IRAs as provided under IRC Section 529(c)(3)(E)
- Repeals the requirement for Department of Revenue to provide estate tax certificates to court clerks in probate proceedings (Section 72-3-1006)
- Effective immediately upon passage with retroactive application to tax years beginning after December 31, 2023
Legislative Description
Revise income tax laws to provide conforming changes for prior legislation
Taxation--Corporations
Last Action
Chapter Number Assigned
5/13/2025
Committee Referrals
Education and Cultural Resources3/18/2025
Taxation2/27/2025
Taxation1/14/2025
Full Bill Text
No bill text available