Two Senate Committees have voted out a total of four good bills in the past few days. The first two, HB 483 and HB 529 came out of Senate Energy. These bills will go a long way in promoting responsible natural resource development in our state, especially new energy development. This kind of development brings great paying careers for Montanans and millions of dollars in new money for state programs like education.
The second two, HB 490 and SB 503, were voted out of Senate Tax. SB 490 is a business equipment tax relief bill aimed at small businesses. More specifically, the bill would keep the $20,000 threshold, and then lower the 3% tax rate down to 2% for those businesses with less than $5 million in equipment. The business equipment tax is a disincentive for small businesses to upgrade to newer, more productive, safer, and greener equipment. This tax on the tools of production reduces funds that are better used for wages, benefits and growth of Montana small businesses.
SB 503 is a good Montana-based Economic Stimulus Act aimed at attracting new businesses to the state and rewarding small businesses that are long-term partners in the state through capital gains tax credits. While other states are raising taxes & fees and cutting programs, Montana is in a unique position to keep our services growing or stable and (if SB 503 passes) sending a positive signal to businesses and entrepreneurs outside of Montana. SB 503 will be useful in luring businesses to the state to create jobs, help bring in more revenue for the state, and allow Montana to see long-term, sustainable growth.
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