HELENA — Montana income taxpayers may see money coming back to them next month as the state begins to issue recently approved tax rebates.
The Montana Department of Revenue says they will begin issuing rebates of 2021 individual income taxes to more than 530,000 qualifying Montana taxpayers beginning July 3, 2023.
The agency anticipates distributing most rebates by August 31.
Taxpayers do not need to apply for the rebate. Money will be directly deposited into bank accounts or a check will be sent depending on how the individuals filed their last income tax forms.
“We have the important job of getting these rebates back to eligible Montana taxpayers as quickly and easily as possible”, said Brendan Beatty, director of the Montana Department of Revenue. “Remember to check your bank statement or the mail for your rebate.”
The Department of Revenue notes taxpayers must have paid income taxes to receive a rebate. Specifically, qualifying taxpayers are those who filed a 2021 resident tax return and 2020 resident or part-year resident tax return by October 17, 2022. Qualified taxpayers cannot be claimed as a dependent on another taxpayer’s tax return.
The Individual Income Tax Rebate is a result of the legislature passing House Bill 192 during the 2023 Montana Legislative Session, which set aside $480 million of the surplus to provide income tax rebates.
Governor Greg Gianforte signed HB 192 into law on March 13 (link).
“Montanans overpaid their taxes, and we’re giving it back,” Gianforte said. “I look forward to getting this money back into Montanans’ pockets where it belongs.”
The rebates will be equal to the amount of a taxpayer’s 2021 taxes up to $1,250 for single, married filing separately, and head of household filers; and $2,500 for married filing jointly filers.
Taxpayers can find the amount of their 2021 tax liability on line 20 of their Montana tax return.
For more information about the Individual Income Tax Rebate or to check on the status of a rebate, click here to visit the DOR website.
Montana property owners will also be getting a property tax rebate later this year if they apply for it.
House Bill 222 uses another $280 million to provide property tax rebates. The rebates are up to $675 each for the next two years on Montana property owners’ primary residences. Originally set at $500 in HB 222, they were increased as a result of the passage of House Bill 816.
The Property Tax Rebate is a rebate of property taxes on a principal residence paid for 2022 and 2023. Individuals should check eligibility and will have to apply for the rebate online or with a paper form.
Taxpayers can claim the 2022 rebate online through the TransAction Portal or by paper form beginning August 15, 2023. The claim must be filed by October 1, 2023. For 2023, taxpayers will do the same process but applications will not be accepted until August 15, 2024. The claim must be filed by October 1, 2024.
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