Montana HB671 revises definitions in the Montana Achieving a Better Life Experience Act to align with the Montana Individual Income Tax Code.
Montana HB671 amends the Montana Achieving a Better Life Experience Act to update definitions to match those in the Montana Individual Income Tax Code. This includes terms like "account," "agent," "annual contribution limit," and "qualified withdrawal." The changes aim to ensure consistency between the ABLE Act and state tax code definitions. The act is effective upon passage and applies retroactively to income tax years beginning after December 31, 2024.
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