All Roll Calls
Yes: 436 • No: 359
MontanaHB 92469th Legislature, Regular Session (2025)HouseWALLET
Generally revise state finance laws
Sponsored By: Llew Jones (Republican)
Signed by Governor
State Finance
Personalized for You
How does this bill affect your finances?
Personalize government policy and PRIA will tell you what this bill means for your household, plus every other piece of legislation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Bill Overview
Analyzed Economic Effects
21 provisions identified: 8 benefits, 2 costs, 11 mixed.
Trust funding for tax relief and infrastructure
The trust’s interest is split each year: 40% for state property tax assistance (up to $20 million) and 20% each for water, local bridges, and early childhood (each up to $10 million). The state also set up water and bridge accounts that keep their interest and fund water storage and local off‑system bridges. For FY 2024, the state transferred $20 million to property tax help, $10 million each to water, bridges, and early childhood, $250 million to pensions, and $224 million to the trust’s distribution portion. For FY 2025 and FY 2026, more scheduled transfers go to the trust distribution, pensions, and the housing trust. Agencies receive $7.5 million each in FY 2025 and $10 million each in FY 2026 from these accounts to run water, bridge, and early childhood programs, and 90% of interest from the water development account goes to water storage. The natural resources projects account also gets dedicated revenues, including 10% of that water development interest, to fund grants and loans.
State trust funds property tax help and projects
The law creates a permanent state trust to invest volatile revenue. Half of each deposit goes to distributions and half to reinvestment. Interest is combined with pension earnings: half goes to the pension fund and half funds property tax help, water, bridge, and early childhood accounts under set percentage rules and caps. Reinvestment transfers send 80% to the pension fund until it reaches $1 billion and 20% to a housing trust until it reaches $500 million; any extra stays invested. The governor can cut a scheduled volatile‑revenue transfer by up to 50% after a budget forecast. Using the trust’s principal counts as state debt and needs a two‑thirds vote in each chamber.
Stronger funding rules for public pensions
A pension portion of the trust can send money to the Teachers’ and Public Employees’ systems when returns lag. Transfers are capped at $300 million every two years, and each certified transfer can be up to 25% of the fund balance and must occur within 30 days. The board can cut employer supplemental contributions when the systems are very strong and later raise up to 1% if they weaken. The extra employer contribution ends the January 1 after an actuarial report shows ending it (and lowering employee contributions) keeps amortization at 25 years or less. The old pension special revenue account is repealed.
More support for early childhood care
A 10‑member Early Childhood Account Board now guides funding and priorities. Money can support providers and the workforce, improve quality, lower family costs, test innovations, and give emergency aid to child‑care facilities. The account pays its own admin costs, and the board must keep those costs low by using existing DPHHS staff and space when possible. Each year by September 1, DPHHS reports every project and grant, the amounts, how funds were used, how long they ran, and who got them.
Tax credit for early childhood donations
The Early Childhood Account Board can accept gifts and grants. Money marked for the account is deposited and spent from it. Your donation may qualify for the Montana endowment tax credit, lowering your state taxes. Money in the account can pay only for approved early childhood programs, not other uses. Private donations do not count toward balance limits, and the account keeps its interest.
Lower-rate home loans for veterans
If the Board buys your mortgage under the veterans’ program, your rate is 1% below either Fannie Mae’s delivery rate or the Board’s lowest other home-loan rate, whichever is lower. If Fannie Mae’s rate is unavailable, the Board uses a similar published rate. The Board cannot make direct loans to veterans.
New Montana Housing Trust loans and funding
The law creates the Montana housing trust for loans to veterans and to build or preserve affordable homes and apartments. At least $50 million backs a veterans’ first‑time homebuyer mortgage program, and at least $65 million funds multifamily loans. Multifamily loans must be first lien and up to 95% of costs; projects pay property taxes unless on tribal lands, and mobile home parks can qualify. Loan servicing fees are split between the Board and borrowers; principal and remaining interest go back into the trust. For the fiscal year beginning July 1, 2024, up to $26 million flows into the housing trust (subject to adjustments), and for the fiscal year beginning July 1, 2025, another $10 million is added.
Loans for coal plants and affected towns
The state lets the Facility Finance Authority manage $15,000,000 from the coal trust for capital‑project loans, with no single loan over 10%. The board can make working‑capital loans to owners of coal‑fired units for operations, coal, key transmission lines, and cleanup, with a preference for using Montana coal and up to a $500 application fee. Cities, towns, and counties hit by a coal plant closure can get loans to maintain local infrastructure. The board must also write rules so nonprofit groups can apply for economic assistance.
Higher public employer pension payments
Public employers must pay higher supplemental pension contributions. For fiscal years starting after June 30, 2024, the added rate is 2% for teachers and 2.27% for other public employees. Starting after June 30, 2027, each added rate increases by 0.1 percentage point every year through the fiscal year ending June 30, 2047. For fiscal years after June 30, 2047, the added rates are 4% and 4.27%.
Property tax help for primary homes
The state creates property tax assistance for certified primary homes. To get help for the current tax year, your first application must be filed or postmarked by March 1 and include your home’s geocode and your Social Security number. The state pays a per‑home amount only when the account has over $50,000,000 at year end, and sends county funds by August 31; the credit shows on your tax bill. If the credit is more than your bill, the county may keep the extra. Homes owned by entities are not eligible, except a grantor’s home held in a grantor revocable trust.
New limits and options for local mill levies
Local governments may collect last year’s property taxes plus half of the 3‑year average inflation. They may raise mills to offset lower reimbursements and apply levies to newly taxable property. They cannot add mills for tax‑base losses the state already reimburses, and state property‑tax assistance to counties does not count in mill limits. Certain revenues (net and gross proceeds taxes) no longer count in the mill calculation. School district levies and new regional resource authority levies sit outside the cap, and local governments may start airport levies even without recent airport funding.
Property tax help for your home
You must certify your main home to get state property tax help. The home must be your only primary residence, you must live there at least 7 months, it must be worth $1,000,000 or less, and you must have paid the Montana property tax. You can stack this help with other property tax programs. Your tax bill must show the total state help you received. Before a tax lien, the county must mail you a notice at least two weeks ahead that also lists assistance options. If your certification is denied, you can ask for an informal review within 30 days, then appeal to the county and state tax appeal boards. Filing a false certification is a crime, can bar you for up to 10 years, and the government can recover the money.
Stronger rules for property tax appeals
To seek a lower value or primary residence status, you must file a written appeal, once per valuation cycle, within the set deadlines. The county board can change your assessment and decide if the home is your primary residence. You must testify under oath; hearings are recorded and kept for 1 year. If the board fails to hear your timely case, your application is granted the day after its final meeting. Former Revenue employees must wait 36 months before serving on a county tax appeal board.
Budget guardrails and where surpluses go
The debt and liability free account can pay bond costs, certain legal liabilities, and replace rescinded federal funds. If its balance falls below $12.5 million, up to 50% of volatile revenue (max $12.5 million a year) can refill it. When there’s excess general fund revenue after other set transfers, 75% goes to the growth and opportunity trust and 25% stays in the general fund. Program cuts are capped: no program over 10% and no agency over 4% of its second‑year appropriation, and key items like debt payments, the courts and legislature, school BASE funding (including special education), elected officials’ salaries, and the school for the Deaf and Blind are protected. The law ends the $4 million per year local disaster resiliency fund and includes tie‑breaker rules to resolve conflicts with other bills.
Stronger state budget reserves and deficit tools
If a deficit is projected, the governor must order cuts to meet set balance targets: 4% before October, 1.875% in October, 1.25% in January, and 0.625% in March. The governor may move up to $3 from the reserve for each $1 of cuts, but the reserve cannot fall below 6% of second‑year appropriations. During a certified deficit, the governor may cancel volatile‑revenue transfers to the investment trust for the biennium. In 2025 and 2026, scheduled transfers to the trust can be cut by up to 50% after notice by September 15 or March 15 and legislative comment. Before cuts, agencies must analyze programs and the legislature reviews within 30 days. The act takes effect on passage and approval.
Pay for county tax appeal boards
County tax appeal board members are paid only when the board meets to hear appeals or for state‑called meetings. Pay is $45 for 4 hours or less in a day and $90 for more than 4 hours. Travel and compensation come from the Montana tax appeal board appropriation, and the county provides office space and equipment.
New rules for property tax mills
The state now calculates certain statewide mills and rounds up to the nearest tenth of a mill. Local governments may carry forward unused mill authority to use in later years. Allowed mill growth is tied to one‑half of the three‑year average inflation rate using CPI‑U.
Housing trust loan shift and safeguards
By August 1, 2025, certain loans move from the coal tax trust fund to the Montana housing trust for administration. Until the principal is fully repaid, principal payments still go back to the coal trust. Housing trust dollars cannot replace other available funding and cannot pay for other Board programs. These rules keep housing trust money focused on eligible housing work while changing who manages some loans.
What counts as newly taxable property
The law lists events that make property newly taxable, like annexation, construction or remodeling, subdivision, and moving from tax‑exempt to taxable. For class four homes that were built, expanded, or remodeled, the new taxable amount is this year's market value minus last year's. Value increases due only to a rise in a TIF district’s incremental value do not count as newly taxable. When a TIF district ends, the released value is newly taxable in the termination year if it ends before certification, or in the next year if it ends after certification. The first sale that turns land into class four or nonqualified ag land also counts as a subdivision and is newly taxable.
Clearer property tax notices and bills
Your appraisal notice must list all property tax help programs, including the new state assistance and the elderly credit. Counties may post the mill‑by‑mill comparison online instead of printing it on the bill. If a reassessment adds $5 or less in tax, you owe nothing extra and no new bill is sent.
Mixed changes to state business loans
Owners of coal‑fired power units and other qualifying businesses can apply for state‑partnered participation loans with private lenders. Loans must meet the program’s existing purposes and rules. But any loan made under this section cannot use the job‑credit interest rate reduction. That means those borrowers may pay higher interest than under the job‑credit program.
Sponsors & Cosponsors
Sponsor
Llew Jones
Republican • House
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
House vote • 4/29/2025
Do Concur
Yes: 60 • No: 39
House vote • 4/28/2025
Do Concur
Yes: 63 • No: 37
Senate vote • 4/24/2025
Do Concur
Yes: 27 • No: 23
Senate vote • 4/22/2025
AMD-HB0924.002.013 Kassmier D/PASS
Yes: 26 • No: 23
Senate vote • 4/22/2025
AMD-HB0924.002.019 Glimm D/PASS
Yes: 25 • No: 25
Senate vote • 4/22/2025
AMD-HB0924.002.015 Mr. President D/PASS
Yes: 22 • No: 28
Senate vote • 4/22/2025
AMD-HB0924.002.016 Flowers D/PASS
Yes: 28 • No: 22
Senate vote • 4/22/2025
AMD-HB0924.002.018 Glimm D/PASS
Yes: 23 • No: 27
Senate vote • 4/22/2025
Do Concur As Amended
Yes: 27 • No: 23
Senate vote • 4/18/2025
Take HB 924 from Comm-Kassmier
Yes: 27 • No: 23
House vote • 4/8/2025
Do Pass
Yes: 53 • No: 44
House vote • 4/7/2025
Do Pass
Yes: 55 • No: 45
Actions Timeline
Chapter Number Assigned
6/20/2025HouseSigned by Governor
6/19/2025HouseTransmitted to Governor
6/10/2025HouseSigned by President
6/9/2025SenateSigned by Speaker
6/2/2025HouseReturned from Enrolling
4/30/2025HouseSent to Enrolling
4/29/2025House3rd Reading Senate Amendments
4/29/2025House2nd Reading Senate Amendments
4/28/2025HouseReturned to House with Amendments
4/24/2025Senate3rd Reading
4/24/2025SenateMotion
4/22/2025Senate2nd Reading
4/22/2025Senate2nd Reading Motion to Amend
4/22/2025Senate2nd Reading Motion to Amend
4/22/2025Senate2nd Reading Motion to Amend
4/22/2025Senate2nd Reading Motion to Amend
4/22/2025Senate2nd Reading Motion to Amend
4/22/2025SenateTake from Committee; Place on 2nd Reading
4/18/2025SenateRevised Fiscal Note Printed
4/14/2025HouseHearing
4/14/2025SenateRevised Fiscal Note Signed
4/11/2025HouseRevised Fiscal Note Received
4/11/2025HouseReferred to Committee
4/10/2025Senate1st Reading
4/9/2025Senate
Bill Text
Enrolled
4/29/2025
As Amended (Version 3)
4/28/2025
As Amended (Version 2)
4/3/2025
Introduced
3/29/2025