HB537

Montana HB537 proposes a tax credit for the birth of a child, up to $3,000, for resident taxpayers.

Montana HB537 introduces a tax credit for the birth of a child, allowing resident taxpayers a credit against Montana income tax in the year of the child's birth. The credit amount is the lesser of $3,000 or the sum of Montana income taxes, federal income taxes, and FICA contributions due in that year. The credit can be claimed by the custodial parent if the parents are unmarried and do not share custody. The bill also mandates that the Revenue Interim Committee review the credit and other specified tax credits periodically, assessing their impact on taxpayer decisions and the economy.