Business equipment tax reduction among new laws
A reduction in the states' business equipment tax is one of a handful of Montana laws that take effect with the new year.
The new tax law is effective Wednesday. It exempts businesses from paying taxes on their first $100,000 in equipment. The previous exemption was for businesses with less than $20,000 in equipment.
The law also reduces the tax rate from 2 percent to 1.5 percent for the first $6 million in equipment. The rate jumps to 3 percent above $6 million in equipment.
Gov. Steve Bullock's office estimates 17,000 businesses in the state will be exempt from paying the business equipment tax under the new law. Bullock signed the bill sponsored by Republican Sen. Bruce Tutvedt of Kalispell. The Legislature passed it in April.
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