Montana has made the following changes to the tax laws for the 2019 tax year:
What changes were made to Form 2?
- CARES Act changes - Several changes were made relating to Net Operating Los, excess business loss limitations, and charitable contributions. The Montana forms and instructions have been updated to reflect these Federal changes.
- Partial Pension, Annuity, and IRA Exemption Worksheet - The worksheet on page 6 was renamed and streamlined in order to make the form easier to understand and complete.
What other changes were made for 2020?
- Media Credit - Starting with tax year 2020, production companies can take the Media Credit for productions filmed in Montana between July 1, 2019 and December 31, 2020. The Media Credit applies to qualified expenditures and qualified compensation. This non-refundable credit may be carried forward for five years and is transferable.
- Quality Educator Loan Assistance Program - If you are a Montana educator who received loan assistance through the Quality Educator Loan Assistance Program you can subtract up to $5,000 for the amount of loan repayment assistance received during the tax year from your Federal Adjusted Gross Income.