Montana SB225 provides an income tax credit for renters with gross household income below $45,000.

Montana SB225 introduces a renter's tax credit for individuals with a gross household income under $45,000. The credit is calculated as the lesser of 4% of the gross household income or $500. For households earning between $35,000 and $45,000, the credit is reduced by a percentage based on income. The credit cannot exceed $1,150 and applies retroactively to income tax years beginning after December 31, 2024. The bill also mandates reviews of the tax credit by the revenue interim committee and terminates the credit on December 31, 2028.

Montana SB225 provides an income tax credit for renters with gross household income below $45,000.

Montana SB225 introduces a renter's tax credit for individuals with a gross household income under $45,000. The credit is calculated as the lesser of 4% of the gross household income or $500. For households earning between $35,000 and $45,000, the credit is reduced by a percentage based on income. The credit cannot exceed $1,150 and applies retroactively to income tax years beginning after December 31, 2024. The bill also mandates reviews of the tax credit by the revenue interim committee and terminates the credit on December 31, 2028.