This story was originally published by Daily Montanan:
URL: https://dailymontanan.com
This story has not been altered or edited.
(C) Daily Montanan. Licensed for re-distribution through Creative Commons license CC BY-NC-ND 4.0.
------------



Montana's new individual income tax rate now in effect – Daily Montanan

['Daily Montanan Staff', 'More From Author', '- January']

Date: 2022-01 

Montana’s new individual income tax rate for the state’s top income earners is now in effect, the Montana Department of Revenue announced Monday.

In 2022, the highest marginal tax rate will be 6.75% — down from 6.9% — on any taxable income over $17,400, according to a press release from the Montana Department of Revenue. The new tax rate was created by Senate Bill 159 and was part of a bigger push for conservative tax reforms from Gov. Greg Gianforte.

By reducing the marginal rate to 6.75%, state tax collections will decrease by an estimated $30 million per year, according to the Montana Free Press.

According to the DOR, SB159 is subject to the ARPA Savings Clause, which can revert to the current highest marginal tax rate of 6.9% if the savings clause is triggered. But the DOR said in the release that the clause was not triggered for 2022, assuring that the new rate will be in effect for that year.

[END]

[1] Url: https://dailymontanan.com/briefs/montanas-new-individual-income-tax-rate-now-in-effect/

Content is licensed through Creative Commons license CC BY-NC-ND 4.0.

via Magical.Fish Gopher News Feeds:
gopher://magical.fish/1/feeds/news/montanan/