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MT SB538

Bill

Official Source

Status

Failed

5/23/2025

Primary Sponsor

Greg Hertz

Click for details

Origin

Senate

2025 Regular Session

AI Summary

  • Removes the requirement that taxpayers add back the federal qualified business income (QBI) deduction claimed under Section 199A of the Internal Revenue Code when calculating Montana taxable income
  • Allows Montana taxpayers to effectively claim the federal QBI deduction, which permits eligible self-employed individuals and pass-through business owners to deduct up to 20% of qualified business income
  • Amends Section 15-30-2120, MCA, which governs adjustments to federal taxable income for determining Montana taxable income
  • Effective immediately upon passage and approval, with retroactive application to tax years beginning after December 31, 2024

Legislative Description

Provide income tax deduction for qualified business income

Taxation--Individual Income

Last Action

(S) Died in Process

5/23/2025

Committee Referrals

Taxation3/25/2025

Full Bill Text

No bill text available