|
Below is a snapshot of key features of Montana's tax system. (Scroll Down)
|
State & Local Revenue (FY08)
- General Revenue, Own-Source (GROS): $5.4 billion
- General Revenue as a Share of Income: 16.3%
- Tax Revenue: $3.4 billion
- Tax Revenue as Share of income: 10.4%
- Personal Income Tax (Share of Tax Revenue): 25.2% (22 out of 51)
- Corporate Income Tax (Share of Tax Revenue): 4.7% (14 out of 51)
- Sales & Excise Tax (Share of Tax Revenue): 15.9% (48 out of 51)
- Property Tax (Share of Tax Revenue): 34.1% (15 out of 51)
- Other Taxes (Share of Tax Revenue): .7% (48 out of 51)
Personal Income Tax Features (2011)
- Range of Tax Rates: 1% - 6.9%
- Standard Deduction: $1,800-$4,060 ($3,600-$8,120 for Married Couples)
- Personal Exemption: $2,170
- Dependent Exemption: $2,110
- Earned Income Tax Credit (EITC): None
- Notable capital gains preference
- Standard deduction phases out for high income levels
Corporate Income Tax Features (2011)
- Range of Tax Rates: 6.75%
- Income Level at Which Top Rate Applies: All
- Combined Reporting: Yes
- Apportionment Factor (Payroll): 33%
- Apportionment Factor (Property): 33%
- Apportionment Factor (Sales): 33%
Sales Tax Features (2011)
- State Sales Tax Rate: N/A
- Average Local Sales Tax Rate: N/A
- Average Combined State & Local Sales Tax Rate: N/A
- State Sales Tax Treatment of Groceries: N/A
- Local Sales Tax Treatment of Groceries: N/A
- Number of Services Taxed: 18 out of 168 surveyed
- Streamlined Sales Tax Membership: No
- Taxes consumption of industrial and residential utility use
Property Tax Features (2011)
- Property tax rate is reduced for low-income homeowners.
- Utilizes split roll system.
Other Tax & Revenue Features (2011)
- Gasoline Tax Rate (per gallon): $0.278
- Diesel Tax Rate (per gallon): $0.286
- Cigarette Tax Rate (per pack): $1.70
- Estate or Inheritance Tax: No
- Net Lottery Sales Per Capita: $40
Tax Policy Oversight
- Tax Expenditure Report: Yes
- Tax Incidence Analysis Capability: Personal income tax only
Last Updated August 25, 2011
Sources & Glossary |