- Tax rebates are to be distributed to about 460,000 taxpayers
- The individual income tax rebate can be delivered electronically or by mail
- Gov. Greg Gianforte signed into law two tax rebates
Eligible Montana residents may receive up to $3,000 in several tax rebates throughout the summer.
On March 13, Governor Greg Gianforte (R-Montana) signed House Bills 192 and 222, which provide citizens with income tax and property tax rebates.
House Bills 192 and 222 to Provide up to $3,000
To qualify, residents must have timely submitted their individual income tax forms for 2020 and 2021, have been full-time residents for 2021, and not have been claimed as a dependent by anyone else. According to Washington Examiner, residents must have held property in Montana for at least seven months to qualify under Bill 222.
Bill 192 provides the bulk of available funding, with a maximum of $2,500 for married couples and $1,250 for individuals. Bill 222 provides qualified residents with a $500 lump payout.
The Department of Revenue of Montana will begin issuing individual income tax rebates in July and property tax rebates in August. Depending on the choice indicated on the tax form, the individual income tax rebate may be issued either electronically or by mail.
Under HB192, individuals are eligible for a $1,250 income tax rebate, while couples filing jointly are eligible for a $2,500 rebate. The state has put aside $480 million to provide citizens with income tax rebates, according to MENAFN.
Individuals who lived in Montana year-round and paid state taxes on their 2021 income will receive a reimbursement of up to $1,250. Conversely, those who met the qualifying conditions but paid less than $1,250 in state income taxes would receive a full refund.
The 2021 taxes paid will be immediately reimbursed to eligible taxpayers. In July, the Department of Revenue aims to distribute income tax rebates. The Department of Revenue will deposit the refund into the recipient's bank account or mail it to the address listed on the most recent tax return.
According to state law, Montana's tax rebates must be processed by December 31. Under HB222, qualifying residents will get a property tax rebate of up to $500 per year for 2022 and 2023 on the property taxes paid on their primary residence. Anyone who paid less than $500 in property taxes in either of the two years will receive a full refund.
How to be Eligible for Montana Tax Rebates?
Individuals who qualify for this reimbursement must submit an online or paper application. The definition of a primary residence is a place where you reside for at least seven months every year.
The 2022 refund can be claimed electronically by visiting the transaction site or on paper from August 15, 2023. The 2022 property tax refund application deadline is October 1, 2023. To collect the refund for 2023, residents must follow the same procedure. The state will begin taking applications for the 2023 rebate on August 15, 2024, with a deadline of October 1, 2024.
According to the government, the 2022 refund pertains to payments made in November 2022 and May 2023, whereas the 2023 rebate applies to payments made in November 2023 and May 2024. As per Missoula Current, the excess of $280 million was set aside for property tax rebates under HB222.
Related Article: Is Getting Larger Tax Refund a Good News?
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