Governor Gianforte Joins Montanans To Celebrate Largest Tax Cut in State History

• August 11 2023

BILLINGS, Mont. – During a press conference today at Action Electric Inc., Governor Greg Gianforte joined legislators and Montanans to celebrate the impact of the historic tax package he signed into law this spring.

“I fundamentally believe hardworking Montanans should keep more of what they earn,” Gov. Gianforte said. “Working with the legislature this session, we gave over $1 billion back to the people of Montana through the largest tax cut in state history. We’ll continue to reform and simplify our tax code to help our veterans, families, and small business owners thrive.”

Gov. Gianforte discussing the historic tax package he signed into law this spring

Delivering on Montanans’ priorities and his promise, Gov. Gianforte signed into law over a dozen tax bills this year to provide Montanans immediate rebates as well as permanent, long-term relief.

Together, income and property tax rebates alone total up to $3,850 in immediate relief for Montana families.

Joining the governor at the event, Maggie Winters, a Billings mother of three and founder of Hatch Financial Services, spoke to the impact of the rebates on her clients.

“What do these tax rebates do for many of my clients? A lot. First, it wasn’t expected income,” Winters said. “This unexpected money is going to pay off debt – consumer debt, medical debt, student loan debt. It’s lifechanging.”

She continued, “I think the most important part of these, from where I stand, is the fact that the State of Montana is forging the way toward fiscal responsibility, showing my clients that it can be done. I want to thank you Governor Gianforte for your dedication to modeling fiscal responsibility and showing the benefits of it on a large scale, so that my clients and Montana citizens can see what happens when you balance a budget well.”

In addition to property and income tax rebates, the governor proposed and secured more than $500 million in permanent income tax rate reductions and $120 million in permanent property tax relief for Montanans this spring.

During the event, the governor also highlighted his work to reform the state’s business equipment tax. Since taking office, the governor has increased the business equipment tax exemption from $100,000 to $1 million, eliminating more than 5,000 businesses from the business equipment tax rolls entirely.

Bryan Wood, president of Wood’s Powr-Grip, praised the reform.

“As a Montana-based manufacturer, it’s refreshing to finally have an administration that realizes Montana manufacturers are mainly competing with companies from outside of the 406. Because of this, we can only overcome a finite amount of inequity in the playing field,” Wood said. “Reducing our tax burden by increasing the business equipment tax exemption to $1 million is a great step towards helping Montana manufacturers become competitive nationally.”

Finally, the governor discussed a new law exempting up to 50 percent of retired military pensions from state income tax.

“When retired military personnel move or come home to Montana, our communities benefit, and our state is stronger,” Gov. Gianforte said. “We want to make it easier for them to do that, and that’s what this bill helps accomplish.”

Echoing the governor’s comments, Roger Hagan, legislative advocate for the American Legion of Montana, added, “Traveling across the state, I hear families asking us to support this, to get their veterans home so they can take care of farms and small businesses. It also brings home the skillsets of veterans to start their own business here in Montana.”