Tax Rebate of $2500 to the Montana Residents in 2023


Taking an unprecedented move, the state of Montana comes up with a new policy of tax rebates to eligible citizens during the second half of 2023. The concerned authority has opened up the scheme for both income taxpayers and property taxpayers. 

The Terms And Conditions For The Income Tax Rebate

The finance department has already begun the process of distribution of the tax rebate to the first set of eligible candidates on July 3. The amount of tax rebated is dependent on the tax-paying status of the concerned citizen for the year 2021. Those who are registered as single persons, head of the household, or married yet filing individually will either be rebated the amount of $1,250 or the sum from line 20 of 2021 Montana Form 2, calculating whichever amount is lesser. 

The policy also mentions that deserving taxpayers need not apply for it individually. The logistics of the entire process will be taken care of by the revenue department and the amount would be deposited to the bank accounts of the qualifying citizens on the basis of those who opted for direct deposit in their last income tax forms.

And those who did not apply for direct cash return will be mailed a paper cheque of the same. The department announces that the rebated sum is the lesser amount between the income tax amount mentioned in the state tax form and the fixed sum of $2.500 for joint payers and $1,250 for individual payers.

Unlike the Income Tax rebate, the qualifying citizens have to apply for it to claim its benefits. The verdict, in this case, is that the candidate will either be rebated $500 for each year or returned the actual amount paid by the concerned person earlier, considering whichever amount is lesser between the two. To avail the rebate the person must be a permanent inhabitant of that residence for at least the last seven months. The rebate amount can be a maximum of $675 per year. The concerned candidate might as well get a full refund if their taxes paid in either 2022 or 2023 are less than the amount mentioned. 

The revenue department informs the citizens to get their application done within the stipulated window of August 15, 2023- October 1, 2023. They proclaim to deliver the tax rebates by December 31 of this year. It is undoubtedly a thoughtful take on the part of the state to ensure some financial assistance to deserving taxpayers during these tough times.