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Committee tables Sen. Yakawich’s bill to redraw income tax brackets after split testimony on who benefits
Summary
Senate Bill 203, proposed by Sen. Mike Yakawich to raise the threshold for higher income tax rates and cut marginal rates for many filers, drew sharply divided testimony over distributional impacts and fiscal cost; the committee later tabled the measure pending further review.
Sen. Mike Yakawich introduced Senate Bill 203 to raise the income threshold before the top personal income rate applies and to lower certain marginal rates, saying the change would ease the tax burden on middle-income Montanans.
Yakawich told the House Taxation Committee the bill ‘‘focuses on the middle class’’ and offered examples showing a married couple with $150,000 federal adjusted gross income would see an estimated $933 annual reduction in state tax liability, a roughly 14 percent decrease compared with current law. He asked the committee…
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