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The Montana Senate Taxation Committee has voted down Governor Greg Gianforte’s major tax reform proposals, including a 1% income tax rate cut and a property tax relief bill. The setback comes as lawmakers debate how to address rising property taxes and the governor’s push for lowering state income taxes.
- The income tax cut proposal (SB 323) would have reduced the top tax rate from 5.9% to 4.9%, costing $300 million annually.
- The property tax bill (HB 231) aimed to increase taxes on second homes to provide relief for homeowners and landlords.
- The committee rejected both measures, signaling a preference for alternative tax plans.
Despite the defeat, the legislative session continues, and other proposals remain in play. A compromise tax plan (HB 337) is advancing, balancing rate reductions with tax credits. Additionally, HB 528, which aims to rebalance tax rates, has emerged as a leading alternative.
Gianforte’s office remains hopeful for meaningful tax cuts, stating, “Nothing is over until the legislature gavels out.” However, with competing proposals still in motion, the final outcome remains uncertain.
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