Governor Gianforte Touts Tax Cuts Ahead of Tax Day

Governor credits Montana’s strong fiscal position to responsible, conservative budget

• April 13 2023

HELENA, Mont. – Governor Greg Gianforte today highlighted his fiscally responsible, conservative Budget for Montana Families in a press conference at the State Capitol. With Tax Day approaching next week, the governor highlighted tax cuts and tax reforms he’s championed and signed into law since he took office in 2021.

“It’s getting harder and harder to make ends meet with rising prices driven by reckless, out-of-control federal spending,” Gov. Gianforte said. “That’s why we’re putting money back in Montanans’ pockets, through permanent, long-term tax relief to help hardworking families and small business owners keep more of what they earn.”

Gov. Gianforte touts his tax package which provided Montanans the largest tax cut in state history

Delivering Montanans the largest tax cut in state history, Gov. Gianforte last month signed into law tax cuts and reforms introduced in his Budget for Montana Families.

“I’m thrilled our tax reforms and historic tax relief will make a real, meaningful difference for all Montanans,” the governor said.

Gov. Gianforte lowered the income tax rate most Montanans pay from 6.9% in 2021 to 5.9% and tripled the earned income tax credit to help lower income working Montanans.

The governor also reformed the business equipment tax, increasing the business equipment tax exemption to $1 million and eliminating the tax’s burden for more than 5,000 Montana small businesses, family farms, and family ranches.

Additionally, the governor reduced Montana’s capital gains tax rate to the 4th lowest in the nation and modernized the state’s corporate tax code to boost job creation and investment.

“Thanks to our conservative leadership, Montana’s fiscal position is much stronger than what we’re seeing on the federal level and in other states,” the governor said.

The governor noted that California and New York are increasing government spending and raising taxes. As a result, both states are losing residents, seeing tax revenues fall, and facing increasing budget deficits.

The governor observed, “New York’s annual budget deficit is projected to grow to $6 billion by 2027, and California is looking at an annual deficit of $22 billion, just 6 months after reporting a surplus of nearly $100 billion. It’s proof that higher taxes and reckless spending bring disastrous results.”

While cutting taxes and budgeting conservatively and responsibly, the governor also highlighted his work with the legislature to pay off general obligation debt in Montana, making Montana debt-free in ’23 and saving Montanans $40 million over the next two years.  

Other proposals in the governor’s Budget for Montana Families remain before the legislature, including funding for law enforcement, treatment services, and safer, stronger communities.

“We’re working with the legislature to get the rest of our pro-family, pro-jobs, fiscally conservative Budget for Montana Families across the finish line. Let’s get it done,” the governor concluded.

Gov. Gianforte’s press conference may be viewed here.