Montana’s legislature has approved a massive tax relief package that will provide rebates and tax cuts to its residents, potentially resulting in up to $1,250 in cash per person.
Tax relief package in Montana. (Photo: PRNEWS)
Tax Relief Package
The package, worth $1 billion, is yet to be signed into law by Governor Greg Gianforte, but he has given indications that he will approve it. Gianforte said that the package would provide Montanans with the largest tax cut in state history.
The property tax rebate is set to receive $280 million in funding, which will be allocated for each homeowner in Montana. The rebate will amount to $500 for their primary residence in 2023 and 2024. This is less than the $1,000 rebate that Governor Gianforte had initially proposed.
How Much Montanans Will Receive?
Montanans who paid income tax will also be eligible for a rebate of up to $1,250. It is not yet clear how many people will be eligible for the rebate or if there will be any income restrictions, according to a published article in The U.S. Sun.
The tax relief package is expected to provide much-needed relief to Montana residents who are dealing with the rising cost of living.
If the package is signed into law, it will be a significant win for Gianforte, who has been vocal about his plans to cut taxes and reduce regulations to spur economic growth in the state.
