Montana has made the following changes for the 2022 tax year.
- The due date for filing a Montana income tax return is extended to April 18, 2023
- Increased Elderly Homeowner/Renters Credit
- The credit has been increased to $1,150
- The standard exclusion has been increased to $12,600
- Income Tax Rate Reduction
- The top marginal tax rate for 2022 has decreased to 6.75% and will stay in affect for tax year 2023.
- Innovative Educational Program and Student Scholarship Credit
- credit for contributions made to a Montana public school district or approved student scholarship organization increased to $200,000 per person
The following tax credits have been repealed beginning tax year 2022. Credits with an asterisk may be carried forward until the credit is exhausted or the carryforward period has expired.
- Adoption Credit*
- Alternative Energy Production Credit*
- Alternative Energy System Credit*
- Alternative Fuel Credit
- Biodiesel and Blending Credit*
- College Contribution Credit
- Dependent Care Assistance Credit*
- Elderly Care Credit
- Emergency Loading Credit
- Empowerment Zone Credit*
- Energy Conservation Installation Credit
- Geothermal System Credit*
- Health Insurance for Uninsured Montanans Credit
- Mineral and Coal Exploration Incentive Credit*
- New checkbox for military spouses that qualify for relief under Military Spouse Residency
Relief Act to process military spouses’ returns faster
- Direct deposit section on page 2 has been expanded to include the ability to directly deposit a refund into a 529 Qualified Tuition Program. Page 12 eliminated due to this change
- Additions Schedule line 10 repurposed to report business expenses included in Federal Adjusted
Gross Income when those expenses were used to claim a Montana tax credit
- Subtractions Schedule renumbered due to repealed credits. Line added to report Tier I Railroad benefits separately from taxable Social Security benefits.
- Nonrefundable Credits Schedule redesigned to remove repealed credits. The lines for the Innovative Educational Program credit, Student Scholarship Organization credit, and the Media credit have been expanded to allow for the authorization number to be entered.
- Other Payments and Refundable Credits Schedule removed lines due to repealed credits, Added a line for payments made with an original return when amending.