Montana SB323 revises individual income tax rates and increases the earned income tax credit.

Montana SB323 revises individual income tax laws by reducing the top marginal individual income tax rate and increasing the earned income tax credit. The bill adjusts tax brackets for different income levels and filing statuses, with specific rates for married individuals filing jointly, surviving spouses, heads of household, and other individuals. It also modifies the earned income tax credit to be 15% of the federal earned income credit amount. The changes are effective for income tax years beginning after December 31, 2025, with specific sections taking effect in 2026 and 2027.

Montana SB323 revises individual income tax rates and increases the earned income tax credit.

Montana SB323 revises individual income tax laws by reducing the top marginal individual income tax rate and increasing the earned income tax credit. The bill adjusts tax brackets for different income levels and filing statuses, with specific rates for married individuals filing jointly, surviving spouses, heads of household, and other individuals. It also modifies the earned income tax credit to be 15% of the federal earned income credit amount. The changes are effective for income tax years beginning after December 31, 2025, with specific sections taking effect in 2026 and 2027.