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Americans can claim between $1,000 to $1,250 from $764million ‘relief’ pot – see who qualifies for the boost

A NEW eight-bill package is offering Americans major tax cuts and rebates.

Governor Greg Gianforte signed legislation into law this week that will give between $1,000 and $1,250 back to Montana‘s residents.

Governor Greg Gianforte, right, today signed a package of bills into law

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Governor Greg Gianforte, right, today signed a package of bills into lawCredit: montana.gov
Montana is estimated to have a $2.5 billion surplus

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Montana is estimated to have a $2.5 billion surplusCredit: montana.gov

The package has been dubbed “the largest tax cut in Montana history,” by the Republican Governor, totaling over $1billion.

The package provides short-term property and income tax rebates, and cuts state income taxes on an ongoing basis.

Montana is estimated to have a $2.5billion surplus, and the Governor is giving a significant amount of that back to taxpayers.

The package will provide $764million in tax rebates and reduce state tax collections by roughly $150million a year on a permanent basis.

Americans one step closer to 'omnibus' rebate between $500 and $1,000
Americans could get rebates between $400 to $800 from $1billion pot

Over the state’s next two-year budget period, taxpayers will save about $300million altogether.

“Because we passed a conservative budget two years ago, we have a historic surplus today,” the governor said.

“Since Montanans overpaid their taxes, we’re giving it back to the folks who work hard to earn it,” he continued.

HOW MUCH WILL YOU RECEIVE?

Thanks to bill HB 192, individual taxpayers will be eligible for up to $1,250 in income tax rebates for their 2021 taxes.

And bill HB 222 is providing a property tax rebate of $500 per year to homeowners for their primary residence in 2023 and 2024, totaling over $280million in relief.

Details about how homeowners can apply for property tax rebates will be available soon, according to the Bozeman Daily Chronicle, but the income tax rebates will be credited to taxpayers automatically.

It’s still unclear if there are any income restrictions for the payments.

The U.S. Sun reached out to the Governor’s office for comment.

WHAT ELSE YOU SHOULD KNOW

The governor also introduced bill SB 121, implementing a permanent income tax relief.

The bill is lowing income tax rate most Montanans pay from 6.75 percent to 5.9 percent.

When the governor took office in 2021, the rate was 6.9 percent.

The bill also triples the earned income tax credit, “to help lower-income working Montanans and incentivize work,” according to the release.

Overall, SB 121 will more than $500 million in permanent income tax over the next three years.

“Together, our shared conservative values of fiscal responsibility, smaller government, and lower taxes guide us, Gianforte said in the release.

“Our shared conservative values show us the way, as we work to make Montana an even better place to live, work, and raise a family,” he continued.

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Make sure you’re aware of tax limits when applying for Social Security.

Plus, see what the “break-even” age is and how to calculate yours.

Written by Emilie Grenaud

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