HOUSE BILL NO. 428
INTRODUCED BY G. FORRESTER
A BILL FOR AN ACT ENTITLED: "AN ACT LOWERING THE INDIVIDUAL INCOME TAX RATES TO A MAXIMUM OF 7 PERCENT FROM 11 PERCENT; REDUCING THE NUMBER OF INCOME BRACKETS FROM 10 TO 6; AMENDING SECTION 15-30-103, MCA; AND PROVIDING AN APPLICABILITY DATE."
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:
Section 1. Section 15-30-103, MCA, is amended to read:
"15-30-103. Rate of tax. (1) There shall be is levied, collected, and paid for each taxable tax year commencing on or
after December 31, 1968, upon the taxable income of every taxpayer subject to this tax, after making allowance for
exemptions and deductions as hereinafter provided, a tax on the following brackets of taxable income, as adjusted under
subsection (2), at the following rates:
(a) on the first $1,000 of taxable income or any part thereof, 2%;
(b) on the next $1,000 of taxable income or any part thereof, 3%;
(c) on the next $2,000 of taxable income or any part thereof, 4%;
(d) on the next $2,000 of taxable income or any part thereof, 5%;
(e) on the next $2,000 of taxable income or any part thereof, 6%;
(f)(b) on the next $2,000 of taxable income or any part thereof, 7% 3%;
(g)(c) on the next $4,000 of taxable income or any part thereof, 8% 4%;
(h)(d) on the next $6,000 of taxable income or any part thereof, 9% 5%;
(i)(e) on the next $15,000 of taxable income or any part thereof, 10% 6%;
(j)(f) on any taxable income in excess of $35,000 or any part thereof, 11% 7%.
(2) By November 1 of each year, the department shall multiply the bracket amount contained in subsection (1) by the
inflation factor for that taxable tax year and round the cumulative brackets to the nearest $100. The resulting adjusted
brackets are effective for that taxable tax year and shall must be used as the basis for imposition of the tax in subsection (1)
of this section."
NEW SECTION. Section 2. Applicability. [This act] applies to tax years beginning after December 31, 2001.
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Latest Version of HB 428 (HB0428.01)
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