Tax credit for older Montanans would have a $1,400 cap

Eligible claimants would receive a property tax credit capped at $1,400. The calculation covers eligible people who own their home, rent it, or do both. The credit would shrink within the stated income range, but the missing table prevents a full explanation of that calculation. Any credit above the claimant's Montana income tax bill would be refunded, including when the claimant has no taxable income. If passed and approved, the draft would take effect immediately and apply to income tax years beginning after December 31, 2026.

The Department of Revenue would adjust the income thresholds for reducing the credit each year for inflation. The adjustment would cover the income thresholds used to reduce the credit as household income rises. The department would round the adjusted amounts to the nearest $100. The department would calculate thresholds by November 1 for the following year. If approved, the draft would apply to income tax years beginning after December 31, 2026.