Montana § 15-30-2340 Residential Property Tax Credit For Elderly -- Computation Of Relief

Montana Statutes

§ 15-30-2340 — Residential Property Tax Credit For Elderly -- Computation Of Relief

Montana § 15-30-2340

Title 15TAXATION

Ch. 30INDIVIDUAL INCOME TAX

Part 23Specific Tax Credits and Tax Checkoffs

This text of Montana § 15-30-2340 (Residential Property Tax Credit For Elderly -- Computation Of Relief) is published on Counsel Stack Legal Research, covering Montana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mont. Code Ann. § 15-30-2340 (2026).

Text

15-30-2340 . Residential property tax credit for elderly -- computation of relief. The amount of the tax credit granted under the provisions of 15-30-2337 through 15-30-2341 is computed as follows:

(1)In the case of a claimant who owns the homestead for which a claim is made, the credit is the amount of property tax billed less the deduction specified in subsection (4).

(2)In the case of a claimant who rents the homestead for which a claim is made, the credit is the amount of rent-equivalent tax paid less the deduction specified in subsection (4).

(3)In the case of a claimant who both owns and rents the homestead for which a claim is made, the credit is:

(a)the amount of property tax billed on the owned portion of the homestead less the deduction specified in subsection (4); plus

(b)t

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15-30-2340 . Residential property tax credit for elderly -- computation of relief. The amount of the tax credit granted under the provisions of 15-30-2337 through 15-30-2341 is computed as follows:
(1) In the case of a claimant who owns the homestead for which a claim is made, the credit is the amount of property tax billed less the deduction specified in subsection (4).
(2) In the case of a claimant who rents the homestead for which a claim is made, the credit is the amount of rent-equivalent tax paid less the deduction specified in subsection (4).
(3) In the case of a claimant who both owns and rents the homestead for which a claim is made, the credit is:
(a) the amount of property tax billed on the owned portion of the homestead less the deduction specified in subsection (4); plus
(b) the amount of rent-equivalent tax paid on the rented portion of the homestead less the deduction specified in subsection (4).
(4) Property tax billed and rent-equivalent tax paid are reduced according to the following schedule:
(5) For a claimant whose household income is $35,000 or more but less than $45,000, the amount of the credit is equal to the credit calculated under this section multiplied by the decimal equivalent of a percentage figure according to the following table:
(6) The credit granted may not exceed $1,150.
(7) Relief under 15-30-2337 through 15-30-2341 is a credit against the claimant's Montana individual income tax liability for the claim period. If the amount of the credit exceeds the claimant's liability under this chapter, the amount of the excess must be refunded to the claimant. The credit may be claimed even though the claimant has no income taxable under this chapter.

Legislative History

En. Sec. 6, Ch. 584, L. 1981; amd. Sec. 2, Ch. 134, L. 1983; amd. Sec. 11, Ch. 574, L. 1995; amd. Sec. 3, Ch. 543, L. 1997; amd. Sec. 3, Ch. 547, L. 1999; amd. Sec. 7, Ch. 147, L. 2009; Sec. 15-30-176, MCA 2007; redes. 15-30-2340 by Sec. 1, Ch. 147, L. 2009; amd. Secs. 6 thru 10, Ch. 476, L. 2021.