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House taxation committee advances bill to boost elderly homeowner and renter tax credit
Summary
The House Taxation Committee voted 21-0 to pass House Bill 831, which increases the elderly homeowner and renter income tax credit, raises the income exclusion, adds a modest inflation adjustment and expands eligibility by an estimated 3,300 filers, the sponsor and Department of Revenue told the committee.
HELENA — The House Taxation Committee on Tuesday voted 21-0 to pass House Bill 831, a measure that raises the elderly homeowner and renter income tax credit, increases the income exclusion used to determine eligibility and adds an inflation adjustment to keep the credit from eroding over time.
Representative George Nicholas Acacos, sponsor of HB 831, told the committee the bill updates the long-running credit for Montana taxpayers age 62 and older and extends a form of property tax relief to renters by recognizing a 15% factor of gross rent as attributable to property tax. “This is a targeted and balanced approach,” Acacos said, asking for a due pass.
The bill increases the credit amount to $1,400, raises the program’s…
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