Southwest Montana News

Governor Greg Gianforte held a press conference at the State Capitol to discuss his tax relief agenda aimed at benefiting families and businesses in Montana. The governor emphasized, "All of our tax proposals are rooted in a simple philosophy: hardworking Montanans should keep more of what they earn."

The proposed budget, known as the Budget for Montana Families, promises $1 billion in property and income tax relief. This would be the largest tax cut in the state's history. Gianforte stated, "Hardworking Montanans need tax relief now and without delay," highlighting that the budget is designed for various groups including farmers, ranchers, teachers, law enforcement officers, small business owners, seniors, and others.

A key feature of the plan includes $500 million in property tax relief with a $1,000 rebate on primary residences for 2023 and 2024. Gianforte noted this could assist individuals like retirees facing high property taxes: “We can make a difference for the retired couple in the Flathead who...are thinking about selling the home they raised their kids in.”

In addition to direct relief measures, Gianforte has called for reforms such as increased transparency and accountability in local government spending and an option to pay property taxes monthly.

The budget also proposes reducing the income tax rate from 6.5% to 5.9% while increasing the state’s earned income tax credit. Since taking office in 2021 when the top rate was 6.9%, these changes aim to make Montana more competitive economically.

Further support is planned for families through a $1,200 child tax credit for children under six years old and a $5,000 adoption tax credit. "Family is the foundation of our society," said Gianforte.

Small business owners along with family farmers and ranchers would see benefits through an expansion of the business equipment tax exemption from $300,000 to $1 million—potentially eliminating this burden for over 5,000 entities.

"Our proposed tax relief will support small business owners as well as family farmers and ranchers," Gianforte added.

Under his leadership since taking office, Montana has seen record numbers of new businesses created over consecutive years.