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Montana’s governor, Greg Gianforte, is expected to sign a six-bill package that would allocate over $1 billion of the state’s $2.5 billion surplus towards tax rebates and other spending measures. According to the Montana Free Press (MTFP) on March 3, 2023, the package includes income tax rebates of up to $1,250 per taxpayer, property tax rebates of up to $1,000 per homeowner, and the allocation of $100 million to a highway construction fund.
Other bills would pay down state debt, cut business equipment taxes for some business owners, and reduce capital gains tax rates, as reported by MTFP.
Republican leaders have argued that the rebates would compensate taxpayers who have paid more than necessary for state government operations in the last two-year budget cycle and help Montanans deal with rising inflation.
Minority-party Democrats have generally opposed the bills, believing lawmakers are authorizing too much spending too early in the session before other priorities have been addressed.
The tax cut bills are set to cut state revenues by $160 million per year on an ongoing basis. Democrats unsuccessfully tried to amend the bill to authorize property tax rebates to renters as well as homeowners.
The eight major tax and spending bills now headed to the governor are expected to provide relief to taxpayers and boost the state’s economy.
