Montana HB831 increases the income tax credit for elderly homeowners and renters.

Montana HB831 revises the elderly homeowner and renter income tax credit. It increases the maximum credit amount, revises the phaseout of the credit, and provides an inflationary adjustment for the maximum credit amount and the income at which the credit phases out. The credit is a deduction against the claimant's Montana individual income tax liability. The bill repeals certain sections of Chapter 476, Laws of 2021, and is effective on passage and approval. It applies retroactively to income tax years beginning after December 31, 2024.

Montana HB831 increases the income tax credit for elderly homeowners and renters.

Montana HB831 revises the elderly homeowner and renter income tax credit. It increases the maximum credit amount, revises the phaseout of the credit, and provides an inflationary adjustment for the maximum credit amount and the income at which the credit phases out. The credit is a deduction against the claimant's Montana individual income tax liability. The bill repeals certain sections of Chapter 476, Laws of 2021, and is effective on passage and approval. It applies retroactively to income tax years beginning after December 31, 2024.