2023 Montana Code Annotated › Title 15. Taxation › Chapter 30. Individual Income Tax › Part 23. Specific Tax Credits and Tax Checkoffs › 15-30-2340. Residential property tax credit for elderly -- computation of relief

15-30-2340. Residential property tax credit for elderly -- computation of relief.
The amount of the tax credit granted under the provisions of 15-30-2337 through 15-30-2341 is computed as follows:
(1) In the case of a claimant who owns the homestead for which a claim is made, the credit is the amount of property tax billed less the deduction specified in subsection (4).
(2) In the case of a claimant who rents the homestead for which a claim is made, the credit is the amount of rent-equivalent tax paid less the deduction specified in subsection (4).
(3) In the case of a claimant who both owns and rents the homestead for which a claim is made, the credit is:
(a) the amount of property tax billed on the owned portion of the homestead less the deduction specified in subsection (4); plus
(b) the amount of rent-equivalent tax paid on the rented portion of the homestead less the deduction specified in subsection (4).
(4) Property tax billed and rent-equivalent tax paid are reduced according to the following schedule:
Household income
Amount of reduction
$0 - $999
$0
$1,000 - $1,999
$0
$2,000 - $2,999
the product of .006 times the household income
$3,000 - $3,999
the product of .016 times the household income
$4,000 - $4,999
the product of .024 times the household income
$5,000 - $5,999
the product of .028 times the household income
$6,000 - $6,999
the product of .032 times the household income
$7,000 - $7,999
the product of .035 times the household income
$8,000 - $8,999
the product of .039 times the household income
$9,000 - $9,999
the product of .042 times the household income
$10,000 - $10,999
the product of .045 times the household income
$11,000 - $11,999
the product of .048 times the household income
$12,000 & over
the product of .050 times the household income
(5) For a claimant whose household income is $35,000 or more but less than $45,000, the amount of the credit is equal to the credit calculated under this section multiplied by the decimal equivalent of a percentage figure according to the following table:
Gross household income
Percentage of credit allowed
$35,000 - $37,500
40%
$37,501 - $40,000
30%
$40,001 - $42,500
20%
$42,501 - $44,999
10%
$45,000 or more
0%
(6) The credit granted may not exceed [$1,150].
(7) Relief under 15-30-2337 through 15-30-2341 is a credit against the claimant's Montana individual income tax liability for the claim period. If the amount of the credit exceeds the claimant's liability under this chapter, the amount of the excess must be refunded to the claimant. The credit may be claimed even though the claimant has no income taxable under this chapter. (Bracketed language in subsection (6) is temporarily amended to "$1,000" on occurrence of contingency for income tax years 2022, 2023, 2024, and 2025 until December 31, 2025--sec. 13, Ch. 476, L. 2021.)
History: En. Sec. 6, Ch. 584, L. 1981; amd. Sec. 2, Ch. 134, L. 1983; amd. Sec. 11, Ch. 574, L. 1995; amd. Sec. 3, Ch. 543, L. 1997; amd. Sec. 3, Ch. 547, L. 1999; amd. Sec. 7, Ch. 147, L. 2009; Sec. 15-30-176, MCA 2007; redes. 15-30-2340 by Sec. 1, Ch. 147, L. 2009; amd. Secs. 6 thru 10, Ch. 476, L. 2021.