Montana legislation · 2025 Regular Session
Montana HB845: Increase IRC 529 education savings income tax deduction
Status: Signed into law, May 19, 2025
What the bill says
An act increasing the income tax deduction for contributions to a family education savings account; providing for inflationary increases; amending sections 15-30-2120 and 15-62-207, mca; and providing an immediate effective date and a retroactive applicability date.
From the engrossed text:
AN ACT INCREASING THE INCOME TAX DEDUCTION FOR CONTRIBUTIONS TO A FAMILY EDUCATION SAVINGS ACCOUNT; PROVIDING FOR INFLATIONARY INCREASES; AMENDING SECTIONS 15-30-2120 AND 15-62-207, MCA; AND PROVIDING AN IMMEDIATE EFFECTIVE DATE AND A RETROACTIVE APPLICABILITY DATE. 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) the recovery during the tax year of an amount deducted in any prior tax year to the extent that the amount recovered reduced the taxpayer's Montana income tax …
Sponsors
- Darling, Julie (R, 84) · primary sponsor
- Fern, Dave (D, 2)
Latest actions
- : 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
- : (S) 3rd Reading
- : (S) Scheduled for 3rd Reading
- : (S) 2nd Reading
Votes
- Do Concur (April 22, 2025): 48 yea, 2 nay, passed
- Do Concur (April 18, 2025): 41 yea, 4 nay, passed
- Do Pass (April 2, 2025): 93 yea, 2 nay, passed
- Do Pass (April 1, 2025): 96 yea, 3 nay, passed
Subjects: Education - Post-Secondary, Taxation, Revenue, State, Education - K-12, Colleges, Taxation--Individual Income
Common questions
- What is HB845?
- HB845 is a bill in the Montana Legislature (2025 Regular Session): Increase IRC 529 education savings income tax deduction.
- What does HB845 do?
- In its own words: An act increasing the income tax deduction for contributions to a family education savings account; providing for inflationary increases; amending sections 15-30-2120 and 15-62-207, mca; and providing an immediate effective date and a retroactive applicability date.
- What is the status of HB845?
- Signed into law as of May 19, 2025. Latest action: Chapter Number Assigned (May 19, 2025).
- Who sponsored HB845?
- Darling, Julie (R, 84), with 1 co-sponsor.
- Where is the official record for HB845?
- On the Montana Legislature website: https://bills.legmt.gov/#/laws/bill/2/LC4225
Source: official Montana record. Tracked by Delilah, AI for legislation across all 50 states and Congress.