Governor Greg Gianforte signed legislation into law this week that allows Montana’s residents to claim between $1,000 and $1,250 back to their pockets.
Up To $1,250 For Montana Residents To Claim From $764 Million Relief Package (PHOTO: The Us Sun)
Montana Residents To Claim Up To $1,250
The Republican governor has labeled the package as”the largest tax cut in Montana history,” totaling over $ 1 billion. The package provides short-term property and income tax rebates and cuts state income taxes on an ongoing basis. Montana residents are estimated to have a $ 2.5 billion surplus, and the governor is giving a significant amount of that back to taxpayers
The package will provide $ 764 million in tax rebates and reduce state tax collections by roughly $ 150 million a year permanently. Over the state’s next two-year budget period, taxpayers will save about $ 300 million altogether. According to governor Gianforte, “Because we passed a conservative budget two years ago, we have a historic surplus today.” This initiative was mandated because Montanan’s residents have overpaid their taxes, and the governor wants to give back to the folks who work hard to earn it.
Here’s How Much You Can Receive
Thanks to bill HB 192, individual taxpayers will be qualified for up to $1,250 in income tax rebates for their 2021 taxes. And bill HB 222 is supplying a property tax rebate of $500 per year to homeowners for their primary residence in 2023 and 2024, totaling over $ 280 million in relief.
Details about how homeowners can apply for property tax rebates will be available soon, according to the Bozeman Daily Chronicle, but the income tax rebates will be credited to taxpayers automatically. It’s still dark if there are any income limitations for the Montana residents’ payments.
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