Governor Gianforte signs tax cuts and legislative changes
Republican governor of Montana Greg Gianforte signed two bills on Thursday to simplify the state’s income tax laws while lowering the highest marginal rate. Gianforte was escorted by Republican legislators to sign the invoices at a manufacturing company in Kalispell.
“Together we have made great strides in reforming our tax system and tax relief for all Montaner, and that is long overdue.”
With Gianforte’s seal of approval, Montana’s new income tax law will shrink from seven to two brackets, a major simplification that the Republican legislature is advocating. The invoice removes 23 tax credits.
Gianforte signed another accompanying draft that cuts taxes for the highest marginal tax rates from 6.9% to 6.75% in 2022 and then to 6.5% in 2024.
Lowering income taxes was a top priority for the governor during this legislative period as part of his “comeback plan” to stimulate the state economy.
“We had to make Montana more competitive, and these bills do that.”
Gianforte says that after all the tax cuts Republicans passed at that session, taxpayers expect a $ 120 million reduction in their payments to the state.
Democrats have opposed the list of tax proposals and asked Gianforte to veto them. They say politics is more likely to benefit the rich than the middle- and low-income montaners.