Governor Steve Bullock today sent a letter to Senator Steve Daines, Senator Jon Tester, and Congressman Greg Gianforte asking that the delegation use their positions as Montana’s representatives in Washington DC to ensure the Tax Cuts and Jobs Act of 2017 does not inflict harm on Montana’s budget.
“In its current form, the Tax Cuts and Jobs Act of 2017 poses significant problems for the state of Montana. The Act disproportionately favors the wealthiest Americans and corporations at the expense of Montana workers and families. Several provisions would wreak havoc on our state budget. With the legislation heading to a conference committee to address the drafting, clerical and numerous other errors in the version passed by the Senate, I would ask for your bipartisan support in making sure Montana and other states’ budgets are left whole in any further versions of the bill,” wrote Governor Bullock in the letter.
The Montana Department of Revenue estimates that a number of changes to federal corporate and individual income tax proposed in the Tax Cuts and Jobs Act of 2017 would reduce revenues in the state’s general fund by $122 million per year, or $244 million over the biennium.
Memos provided by the Montana Department of Revenue and Governor’s Office of Budget and Program Planning outlining the impacts of the federal tax reform proposal on the state’s budget: http://governor.mt.gov/Portals/16/Montana%20federal%20tax%20bill%20analysis%20documents%20Dec%202017.pdf?ver=2017-12-11-155631-840
Governor Bullock’s full letter to Montana’s congressional delegation: http://governor.mt.gov/Portals/16/12-11-17%20Federal%20Tax%20Reform%20Letter.pdf?ver=2017-12-11-131914-663