Your chronicle equipment11/4/2022 ![]() Unfortunately, the Governor so far has been focused on helping big corporations and the wealthy.” “Montana’s tax policy should benefit everyday Montanans and small businesses across the state. “As Democrats, our top priorities on taxes are meaningful property tax relief and ensuring that the ultra-wealthy are paying their fair share,” she said. She also accused the governor’s tax policy of being too favorable to big business. The state’s business equipment tax rate was as high as 12% in the 1980s, but has been scaled back dramatically in recent decades under both Republican and Democratic administrations with bills that have reduced the tax rate and raised the exemption threshold.ĭemocratic Senate Minority Leader Jill Cohenour, D-East Helena, said in a statement Wednesday that her caucus was looking forward to reviewing the proposal’s fiscal note and evaluating it along with other tax proposals. Under current law, the first $6 million of equipment owned by a business is taxed at a rate of $1.5% and additional equipment is taxed at 3%. ![]() The equipment tax is analogous to the residential property taxes paid by Montana homeowners, with the assessment based on the market value of equipment owned in excess of the exemption threshold. Smaller businesses with inventory valued below the current $300,000 threshold are already exempted from paying the equipment tax and, in most cases, the task of reporting their equipment valuations to the state Department of Revenue. “We’re going to cut taxes again,” Gianforte said on Wednesday, framing the proposal as a way to provide Montanans with “permanent, long-term tax relief.” Gianforte signed a bill last year that raised the exemption threshold from $100,000 to $300,000. If enacted by the state Legislature next year, the change would reduce the taxes larger Montana businesses pay on equipment such as excavators, wheat harvesters and beer brewing vats. ![]() She didn’t provide a specific answer to a follow-up question seeking clarification about whether Griffin had accurately represented the governor’s proposal. “We’re still crunching the numbers and do not have specific details to announce, but we’ll let you know when we do,” Gianforte Press Secretary Brooke Stroyke said in an email. The governor’s office declined to confirm later Wednesday afternoon that the $1 million figure was in fact his intended proposal. Gianforte’s proposal to raise the exemption for personal property taxes from $300,000 to $1 million.” A speaker at the event, Montana Equipment Dealers Association Board President Brad Griffin, said he was “proud to be here today to support Gov. Gianforte, a Republican, did not directly say what new threshold he intended to seek, nor by extension how much the shift would reduce state collections. ![]()
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