Income Tax Rebates: Residents in Montana To Receive New Payments

Montana Governor Greg Gianforte recently signed House Bill 192 into law, providing income tax rebates to residents of the state.

Montana residents to receive new Income Tax Rebates. (Photo: Economic Times)

Surplus Funds To Montanans

The bill will offer $480 million in surplus funds to Montanans, with eligible individuals being able to receive up to $2,500 in rebates. This individual income tax rebate will amount to $1,250 for individual filers and $2,500 for married couples filing jointly.

The income tax rebates will be given to eligible residents who filed their taxes for 2021 and were full-time Montana residents in 2020 and 2021. The Montana Department of Revenue will issue the income tax rebates in July, and approximately 460,000 taxpayers will receive them, according to a published article in The U.S. Sun.

Governor Gianforte praised the bill, stating that it would help Montanans achieve their American dream, allowing them to raise families, earn a good living, own a home, and retire comfortably. The bill aims to provide financial support to residents of Montana during the ongoing economic difficulties caused by the COVID-19 pandemic.

READ ALSO: Montana To Sign $1 Billion Tax Rebate And Spending Package

Source of Fund of Income Tax Rebate

In a public article in Montana Free Press, the income tax rebates will be funded by the $480 million surplus, which was set aside by the Montana Department of Revenue for this purpose. The state has established specific eligibility criteria for receiving the rebates, which include filing taxes for 2021 and being a resident of Montana.

Montanans are not required to take any action to receive their rebates, as the department plans to issue them automatically in July. The rebates will be distributed to approximately 460,000 taxpayers who were full-time Montana residents in the last two years.

READ ALSO: $1 Billion In Tax Relief: Montana Governor’s Budget Plan Includes Direct Payments