Governor Greg Gianforte on May 11, signed two pro-jobs, pro-growth bills into law, the Entrepreneur Magnet Act and Corporate Tax Modernization Act.
“We’re focused on reforming our tax code to make Montana more friendly to job creators so they can create more good-paying Montana jobs,” Gov. Gianforte said. “By attracting entrepreneurs to our state and keeping existing ones in Montana, they’ll thrive, grow, and create greater opportunities for Montanans. These pro-growth, pro-jobs measures will make Montana more competitive with our neighbors in the Rocky Mountain West.”
As signature elements of the governor’s Montana Comeback Plan and his budget, these new laws will help make Montana more competitive and create more good-paying jobs.
The Entrepreneur Magnet Act, sponsored by Senate President Mark Blasdel (R-Kalispell), will help attract entrepreneurs and their long-term, good-paying jobs to Montana. Senate Bill 184 exempts qualifying businesses from paying capital gains tax on the sale of employee-owned stock.
“I was proud to carry this Montana Comeback Plan priority bill in Senate, because as a business owner myself, I know that entrepreneurs create businesses, and businesses create jobs,” said Senate President Mark Blasdel. “The Entrepreneur Magnet will go a long way in making our tax code more competitive, so our state can attract businesses, promote entrepreneurship, and create more good-paying jobs to keep our kids and grandkids home in Montana.”
Senate Bill 376, sponsored by Senator Greg Hertz (R-Polson), modernizes Montana’s outdated corporate income tax system by reducing the current corporate tax calculation from a three-factor basis to a two-factor model.
The new two-factor model allows Montana to collect increased tax revenues from out-of-state digital retailers that sell their products into Montana while reducing the tax burden on Montana-based manufacturing businesses.
“For too long, our tax codes were overly complicated and placed undue burden on Montana businesses, and as a result, Montanans lost out on opportunities and good-paying jobs,” Sen. Greg Hertz said. “Thankfully under Governor Gianforte, Republicans have had the chance to pass conservative tax reforms that help businesses prosper right here in Montana into law.”
Together, these pro-jobs, pro-growth bills get Montana open for business, creating more jobs and greater opportunity for Montanans.