Montana legislation · 2025 Regular Session
Montana HB132: Exempt a portion of interest earnings from individual income tax
Status: Chaptered, May 20, 2025
What the bill says
A bill for an act entitled: "an act revising individual income taxation by providing an interest received deduction; providing that the interest income must be reported on form 1099; limiting the amount of the deduction based on filing status; amending section 15-30-2120, mca; and providing a delayed effective date and an applicability date.".
From the engrossed text:
A BILL FOR AN ACT ENTITLED: "AN ACT REVISING INDIVIDUAL INCOME TAXATION BY PROVIDING AN INTEREST RECEIVED DEDUCTION; PROVIDING THAT THE INTEREST INCOME MUST BE REPORTED ON FORM 1099; LIMITING THE AMOUNT OF THE DEDUCTION BASED ON FILING STATUS; AMENDING SECTION 15-30-2120, MCA; AND PROVIDING A DELAYED EFFECTIVE DATE AND AN APPLICABILITY DATE." BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA: Section 1. Section 15-30-2120, MCA, is amended to read: "15-30-2120. Adjustments to federal taxable income to determine Montana taxable income. (1) The items in subsection (2) are added to and the items in subsection (3) are subtracted from federal taxable income to determine Montana taxable income. (2) The following are added to federal taxable income: (a) to the extent that it is not exempt from taxation by Montana under federal law, interest from obligations of a territory or another state or any political subdivision of a territory or another state and exemptinterest dividends attributable to that interest except to the extent already included in federal taxable income; (b) that portion of a shareholder's income under subchapter S. of Chapter 1 of the Internal Revenue Code that has been reduced by any federal taxes paid by the subchapter S. corporation on the income; (c) depreciation or amortization taken on a title plant as defined in 33-25-105; (d) …
Sponsors
- Falk, Terry (R, 10) · primary sponsor
Latest actions
- : (H) Died in Process
- : Chapter Number Assigned
- : (H) Signed by Governor
- : (H) Transmitted to Governor
- : (S) Signed by President
- : (H) Signed by Speaker
- : (H) Returned from Enrolling
- : (H) Sent to Enrolling
- : (H) 3rd Reading Passed as Amended by Senate
- : (H) Scheduled for 3rd Reading
Subjects: Taxation, Revenue, State, Taxation--Individual Income
Common questions
- What is HB132?
- HB132 is a bill in the Montana Legislature (2025 Regular Session): Exempt a portion of interest earnings from individual income tax.
- What does HB132 do?
- In its own words: A bill for an act entitled: "an act revising individual income taxation by providing an interest received deduction; providing that the interest income must be reported on form 1099; limiting the amount of the deduction based on filing status; amending section 15-30-2120, mca; and providing a delayed effective date and an applicability date.".
- What is the status of HB132?
- Chaptered as of May 20, 2025. Latest action: (H) Died in Process (May 20, 2025).
- Who sponsored HB132?
- Falk, Terry (R, 10).
- Where is the official record for HB132?
- On the Montana Legislature website: https://bills.legmt.gov/#/laws/bill/2/LC2572
Source: official Montana record. Tracked by Delilah, AI for legislation across all 50 states and Congress.