During the Yellowstone County Commissioner Meeting on April 16, 2024, officials presented the annual tax abatement report for 2023, highlighting the significant economic impact of tax incentives on local businesses and job creation. The tax abatement program, which includes both 10-year and 5-year options, aims to encourage new and expanding industries by offering substantial reductions in property taxes based on increased assessed values due to improvements.

The 10-year program allows for a 50% to 75% abatement on new assessed value, while the 5-year program offers a full 100% abatement for five years, after which businesses pay the full tax amount. In 2023, notable beneficiaries within the city of Billings included Aspen Air, Billings Flying Service, Rimrock Subaru, and MRB Properties, collectively saving approximately $67,939.51. In the county, companies like Summit Resource International and Phillips 66 received a combined tax savings of $2,563,896, linked to a total investment of over $433 million in the community.

The report detailed the economic contributions of these businesses, including job creation and payroll figures, underscoring the program's role as one of the few remaining economic development incentives in Montana. The meeting also touched on the alcohol earmark fund distribution, which requires annual decisions by the County Commission on how to allocate funds returned from the state.

Overall, the discussions emphasized the importance of tax abatements in fostering economic growth and job retention in Yellowstone County, with expectations for continued investment and development in the region. The commissioners are set to review the impact of new legislative changes regarding property classifications in future reports, indicating ongoing adjustments to the tax incentive landscape.