HB220

Montana HB220 establishes a child tax credit for resident taxpayers with children aged 5 or younger.

Montana HB220 introduces a child tax credit for resident taxpayers with children aged 5 or younger. The credit amounts to $1,200 per qualifying child. The credit is not allowed if the taxpayer's federal adjusted gross income exceeds $56,000. The credit is reduced by $90 for every $1,000 of federal adjusted gross income over $50,000. The credit may be claimed by filing a Montana income tax return and can result in a refund if it exceeds the taxpayer's tax liability.