State Income Tax Cut Advances To Full House
Today at the Montana Legislature, the House tax committee sent a tax-cut bill to the full House.
Duane Ankney of Colstrip is carrying Senate Bill 200, which would essentially cut one tenth of a percent off state income taxes, with lower-income Montanans getting a slightly bigger break.
Mike Kadas of the Montana Department of Revenue says Ankney’s bill benefits top earners unfairly, and wouldn’t help the economy as much as it would hurt state programs like school funding.
“Those programs, because of inflationary adjustments, require additional funding.”
Ankney says those top-earners include small business-owners who he believes would re-invest.
“That’s the people that’s going to expand their business, buy better equipment… You ever had a check bounce from an employer? It ain’t no fun.”
The bill faces House votes sometime this week or next before moving to the governor’s desk.