Republican Gov. Greg Gianforte has signed a bill into law to increase the tax exemption on business equipment up to $300,0000.
The BIG Jobs Act, or Business Investment Grows Jobs Act, is projected to exempt 4,000 more businesses from having to pay taxes on equipment purchases with the increased exemption limit.
The bill was one of a slate of tax reductions proposed by the Gianforte administration with the aim of boosting economic development in Montana.
The business equipment tax cut policy will have the state allocate general fund dollars to local governments to offset the losses in funding for schools caused by decreased tax revenue.
Democratic legislative leaders released a list of bills Tuesday they’re asking Gianforte to veto, including the BIG Jobs Act. They say it prioritizes tax cuts for the wealthy over middle and low-income Montanans.
Gianforte has yet to sign his other banner tax cut proposals, including those for personal income taxes and capital gains taxes.
