Your Share of the State’s $899 Million Tax Rebates: Learn About Your Qualification Amount and Claim Your Stimulus
Montana taxpayers are in for a welcome financial boost as tax rebates, approved by the state legislature and signed into law by Governor Greg Gianforte, are set to be disbursed. The Montana Free Press reported that a substantial $899 million has been allocated for these rebates. The rebates are divided into two categories: income taxes and property taxes. These rebates have been made possible due to a budget surplus, providing taxpayers with much-needed relief.
Residents who have been full-year Montana taxpayers and fulfilled their state tax obligations for the 2020 and 2021 income tax years by the filing deadline will be eligible for rebates of up to $1,250 each for their 2021 taxes. It is worth noting that if taxpayers meet the eligibility requirements but paid less than $1,250 in 2021, they will receive a refund of the entire payment made.
The $1,250 cap applies to single taxpayers, heads of households, and married taxpayers who filed their taxes separately, as highlighted by the Montana Free Press. However, married couples who filed jointly have the potential to receive rebates of up to $2,500.
To the delight of eligible taxpayers, the Montana Department of Revenue will automatically issue the rebates without requiring individuals to submit an application. The rebates will either be electronically deposited into taxpayers’ bank accounts or sent via mail. The issuance of the first income tax rebates is expected to commence in July 2023, with all rebates set to be sent out by December 31 of the same year.
It is important to note that taxpayers who did not file taxes as full or part-year residents in 2020, or those who paid their 2020 or 2021 taxes after the deadline, will not be eligible for these rebates.
Homeowners also have the opportunity to benefit from a property tax rebate of up to $675. This rebate is applicable to their 2022 and 2023 property taxes on their primary residences. The criteria for a “principal residence” is defined as the home where individuals have resided for at least seven months of the year. Homeowners who paid less than $675 in property taxes for either year are eligible for a full refund of their payment.
To avail of the property tax rebate, individuals will need to apply. As mentioned by the Montana Free Press, applications for the 2022 property tax rebates can be submitted through the Department of Revenue’s online TransAction Portal or by using a paper form. The application period is scheduled to run from August 15, 2023, to October 1, 2023. Another application period for 2023 rebates will be available during the same timeframe in 2024.
These tax rebates signify a significant financial opportunity for Montana residents, offering relief and additional resources. The state’s commitment to supporting its taxpayers is evident through the allocation of these substantial funds, contributing to the overall well-being and prosperity of its residents.
