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LFD: Individual and corporate income taxes now two-thirds of Montana general revenues and are highly volatile
Summary
Legislative Fiscal Division staff told the House Taxation Committee that individual and corporate income taxes comprised roughly 65% of Montana's general revenues in fiscal 2024, are the largest and most volatile sources, and that the committee will receive regular HJ2 revenue updates during session.
Legislative Fiscal Division analysts told the House Taxation Committee that individual and corporate income taxes account for the largest share of Montana's ongoing general revenues and are difficult to forecast, increasing the state's exposure to year-to-year swings.
Sam Schaeffer of the Legislative Fiscal Division presented a chart showing general ongoing revenues and said individual income tax represented roughly 57% of ongoing general revenues in fiscal 2024 and that…
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