The taxpayers in the state of Montana will soon be receiving a boost to their bank accounts due to multiple tax rebates that have been approved by the state legislature and have been further put into law by Governor Greg Gianforte. Around $899 million in rebates have already found approval, according to a report from the Montana Free Press.
Close to two buckets of rebates have already been passed- one for income taxes, and the other kept specifically for property taxes. The rebates were made possible through a budget surplus. The permanent residents of the state, who previously paid their state taxes on 2020 and 2021 income by the filing deadline are now eligible to receive rebates of around $1250 each for the 2021 taxes. If one meets the requirements but has paid less than $1250 in 2021, the entire payment will be refunded.
Tax Rebates Coming Up In The State of Montana
The tax rebate cap of $1250 also applies to multiple taxpayers who have filed as single taxpayers, married taxpayers, or heads of household who have gone ahead and filed separately. Married couples who did end up filing jointly will now be eligible to receive up to $2,500. The state’s Department of Revenue will now send rebates automatically to the qualifying taxpayers, so one wouldn’t have to apply. The rebates will either be deposited in one’s bank account electronically, or through mail.
It has been reported that the first income tax rebates will be issued in July 2023, and will all be sent by the 31st December. Interestingly, taxpayers who didn’t file for their taxes as complete or part-year residents in 2020, or paid their 2020 or 2021 taxes late, will not be considered eligible for the rebates.