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Governor’s Office
Helena, Mon. — A top budget priority for families in Montana, Governor Gianforte’s proposal this morning to reform the state’s business property tax to support small businesses and family farms and ranches. It received widespread support at congressional hearings.
House Bill 212, sponsored by Rep. Josh Kassmier of R-Fort Benton, would reduce taxes for small business owners, family farmers, and family ranchers in Montana and would provide a 30% business property tax exemption. million to $1 million.
Montana’s business equipment tax allows businesses, including family farms and ranches, to reallocate the resources they would otherwise invest in their businesses and pay taxes on the equipment and machinery they need to run their businesses. Force them to create jobs.
The business equipment tax also imposes a costly compliance burden, requiring businesses to review and report equipment inventory to the state each year.
This measure would reduce Montana’s business equipment tax burden, encourage business investment, and boost job creation.
In 2021, the governor worked with Rep. Kasmir to increase the business property tax exemption from $100,000 to $300,000.
Collectively, these reforms will eliminate the business property tax burden for over 5,000 small businesses, farms, and ranches.
Many people testified before the committee this morning in support of the bill.
Todd O’Hare, president and CEO of the Montana Chamber of Commerce, said: “By lowering taxes on the equipment necessary to run businesses, from neighborhood print shops to farms and ranches, these businesses can reinvest in their success and drive economic development in their communities. Nearly 5,000 Montana businesses will benefit from a lower business property tax, a top priority for the Montana Chamber of Commerce, as Governor Gianforte takes to grow Montana’s economy I applaud your business-oriented approach.”
Rhonda Wiggers, Montana director of the National Federation of Independent Business, said: “Over 4,000 small businesses in Montana will be directly affected by this. We thank the governor’s office for helping us improve efficiency and reduce taxes.”
Brad Griffin, president of the Montana Retail Association, said: “On behalf of equipment dealers, retailers, and restaurateurs in Montana, we are proud to raise the business equipment tax exemption to $1 million. This proposal will reduce taxes for small businesses in Montana. helps protect earnings, invest in businesses and create more jobs.”
Cary Hegleberg, president and CEO of the Montana Bankers Association, said: “Banks don’t pay much in business property taxes themselves, but they lend to tens of thousands of businesses across the state that pay these taxes. We are experiencing sticker shock when we update. It will help lighten the burden you are carrying.”
Cindy Johnson, President of the Montana Federation of Farmers, said: “Farmers and ranchers who are members of the Montana Federation of Farmers appreciate Governor Gianforte’s commitment to making Montana more business-friendly. We make family businesses more productive and efficient by enabling and encouraging them to invest in
Former president of the Montana Grain Growers Association, Tryg Koch, said: “As producers, we are always looking for ways to keep our food cheap, ways to pay less taxes and keep up with the times.”
On behalf of the Montana Agricultural Business Association and the Montana Grain Elevator Association, Christa Lee Evans said: “By reducing the amount of business property tax we have to pay, we will have access to additional funds to invest in our business and foster innovation and diversification. It’s a great opportunity, not just for our business, but for our growers.”
said Sarah Converse, Executive Director of the North Central Montana Economic Development District. “Increasing business property tax exemptions will benefit our agricultural sector and small businesses. These reforms will support the business economy, keep Montana competitive, and increase the tax burden for Montana residents. It’s a big step forward in reducing
Dan Brooks, Business Advocacy Director, Billings Chamber of Commerce, said: “One of the priorities of the Billings Chamber of Commerce is to reduce the cost of doing business in Montana, and we have long advocated reducing business property taxes. There are approximately 502 entities that will owe a business property tax in the 2022 tax year, so raising the exemption threshold to $1 million would fully exempt more than half of these entities. We greatly appreciate the Governor’s emphasis on reducing the cost of doing business in the United States.”
Lorraine Clarno, Chairman and CEO of the Kalispell Chamber of Commerce, said: “We have identified more than 120 thriving and growing manufacturers within our community to continue and provide additional resources through this measure to create higher paying jobs. Please support this as a great opportunity to make Montana more competitive with neighboring states.”
On behalf of Fidelity Diagnostics, Jennifer Hensley said: “[Fidelity Diagnostics Laboratory] employs 35 highly trained, highly paid and highly educated employees and owns $1.8 million in complex scientific equipment. This greatly helps them hire more people and grow their business more predictably. “
Henry Kriegel, Legislative Liaison for Americans for Prosperity in Montana, said: “At Americans for Prosperity, we are removing barriers to success…We see this business property tax as a barrier and want it removed. We believe this is a positive step in the right direction to allow us to maintain the income we earn by doing business, create more value in our communities, and invest in our business to provide quality services and products. increase.”
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