Pros and Cons of GOP Tax Overhaul
Congressional Republicans are celebrating their first legislative victory of the Trump presidency with passage of a massive GOP tax overhaul, and while businesses in Montana could start seeing the benefits as soon as February, state government could suffer, according to tax expert Ron Yates, speaking at a forum sponsored by Big Sky Economic Development and the Billings Chamber of Commerce on Wednesday morning.
Yates said he believes most Montanans will benefit from the legislation, and small businesses should see positive effects. Montana farms and ranches should benefit from the bill’s tax bracket and tax rate changes, as well as business equipment expensing provisions, including cattle and agricultural equipment, which allow for a 100 percent write-off in the first year. However, with a reduction in tax revenue coming into the state, there could be a shortfall in the budget.