The HJ 35 Tax Study Committee met July 20 to continue its study of the state and local tax systems. The committee, which is a subcommittee of the Revenue Interim Committee, reviewed five bill drafts requested at a previous meeting.
The HJ 35 Committee recommended that the Revenue Interim Committee request four of the draft bills as committee legislation for introduction in the 2021 legislative session. The four recommended drafts are:
- HJ35-01: using full inflation calculate the property tax mill levy limit;
- HJ35-02: a property tax circuit breaker credit for owners and renters that replaces current property tax assistance programs and credits;
- HJ35-03: increases the corporate minimum tax to $200; and
- HJ35-04: revises the calculation of the capital gains tax credit to the lesser of taxable income or net capital gains.
The Revenue Interim Committee will decide whether to request the draft bills as committee bills at a future meeting.
The committee also voted to add an August meeting to consider a general sales tax bill. The committee will also consider two other requested bill drafts at the August meeting: one to revise the taxation of residences that are not primary residences and one to decouple from federal changes to the net operating loss deduction contained in the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Bill drafts requested for the August meeting will be available in advance of the meeting. Public comment will be taken during the meeting or may be sent to committee staff for distribution to the committee. The August meeting date will be announced on the committee website and sent to the committee email list.
Committee staff: Megan Moore, email@example.com or 406-444-4496
Committee website: https://www.leg.mt.gov/committees/interim/2019rvic/
The Legislative News.