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Montana Governor Proposes Up To $5,000 Tax Relief from $1 Billion State Budget

Tax Relief
Tax Relief

Montana Governor Gianforte has proposed to issue up to $5,000 in tax relief from the state’s $1 billion budget. If signed into law, the proposal would include three major policies for families.

Child Tax Credit

Child Tax Credit

Montana Governor Greg Gianforte has proposed a total of $1 billion budget for the tax relief programs of the state. $500 million of the budget will be allocated to a property tax rebate program. This program would issue $1,000 each to eligible residents in 2023 and 2024. The child tax credit program would issue $1,200 to recipients and the adoption tax credit program would issue $5,000. Both tax credit programs can serve as direct payments for the residents of Montana in need amidst the rising inflation. If this proposal will be signed into law, it will also include three major policies for the families of Montana, as reported by Russo.

READ ALSO: Biden Pardons Man Convicted Of Illegal Liquor Violation In 1960s, Five Others Involved In Drugs, Murder

Who is eligible for this tax relief?

According to Russo, to be eligible for this tax credit, families in Montana must have children under the age of six. It is still uncertain whether there would be a limit on how many children can be claimed per family. However, according to the proposal, each family will receive $1,200 for each eligible child.

On the other hand, the residents of Montana will receive a property tax rebate for their primary residences. For the adoption tax credit program, there are still no specific details regarding the eligibility of recipients. It is still uncertain whether this tax credit will have income limits or any other restrictions.

READ ALSO: Tips To Receive 2023 Tax Refund Early— Here’s What You Need To Know!

 

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