Governor Greg Gianforte received praise from industry leaders, business owners, and business advocates for his advocacy of a tax relief package, signed into law on March 13.
Fulfilling his campaign promise to address the priorities of Montanans by offering them the largest tax cut in the state’s history, which includes both immediate tax rebates and permanent, long-term tax relief.
Highlights of the tax package include:
- $500 million in permanent income tax relief, by lowering the income tax rate most Montanans pay from 6.75% to 5.9% and tripling the earned income tax credit to help lower-income working Montanans and incentivize work.
- Reforming the business equipment tax to eliminate the tax’s burden on more than 5,000 Montana small businesses, farms, and ranches, by increasing the exemption from $100,000 in 2021 to $1 million.
- Simplifying Montanan’s capital gains system to support families, homeowners, retirees, farmers, and ranchers, and making the state’s capital gains tax rates the fourth lowest in the nation,