Daines Votes to Return over $700 Million in Tax Cuts to Montana Families

U.S. SENATE – U.S. Senator Steve Daines today voted to send the Tax Cuts and Jobs Act to the President’s desk and return over $700 million in tax cuts to Montanans.

“Getting the Tax Cuts and Jobs Act across the finish line means families will see bigger paychecks, Main Street businesses will be able to hire more workers, and America will compete and win on the world stage,” said Daines. “Montanans’ hard-earned dollars belong in their pockets – not in Washington, D.C.’s coffers.”

Highlights of the Tax Cuts and Jobs Act 

Relief for Montanans:

  • Montanans will keep more than $700 million in tax relief.
  • The average Montanan will save $1,600 in taxes.
  • 99 percent of Montanans will receive a tax cut.
  • Eliminates the poverty tax: 
    • Montanans making under $50,000 make up 80 percent of the people in Montana who pay the individual mandate penalty.
    • Montanans have paid nearly $7.8 million to the IRS.
    • Doubles the standard deduction, which over 71 percent of Montanans have used.

Relief for Montana Agriculture:

  • Doubles the amount farmers and ranchers can deduct from new equipment and allows for immediate 100 percent expensing.
  • Doubles the exemption on the death tax so family-owned farms can pass down their livelihood.
  • Increases the exemption amount from the Alternative Minimum Tax (AMT) to reduce the complexity and tax burden on farmers and ranchers.
  • Reduces tax burdens on craft beer producers by lowering the excise tax on beer to $3.50 a barrel on the first 60,000 barrels for brewers producing less than two million barrels per year.

Relief for Montana Businesses:

  • Gives tax cuts to American businesses: Senator Daines secured $100 billion in tax cuts for Main Street businesses. These are Montana’s farmers, ranchers and bakers.
    • Main Street provides 68 percent of private sector jobs in Montana – higher than any other state.
    • Four-fifths of manufacturing businesses in America are Main Street.
    • Two-thirds of all new jobs in America are Main Street Businesses.
  • Makes American businesses competitive globally: Lowers the corporate income tax from 35 percent, the highest rate in the industrialized world, to 21 percent. This will allow American businesses to compete and win against global competitors and bring American jobs back home.

Relief for Montana Hardworking Families:

  • Lowers rates on middle income Americans: Allows Americans to keep more of their hard-earned dollars. A family of four with income of around $73,000 (median family income) will see a tax cut of nearly $2,200.
  • Doubles the child tax credit: Provides families a break by doubling the child tax credit from $1,000 to $2,000 – giving working moms and dads with two kids an extra two thousand dollars to help make ends meet.  
    • For over 49,000 Montanan tax-payers who receive child tax credits, these increases could double total returns from $73,500,000 to $147,000,000.

Making America Energy Dominant:

  • Opens the Arctic National Wildlife Refuge (ANWR):
  • Allows for oil and gas exploration.
  • Raises tens of billions of dollars for deficit reduction.
  • Creates thousands of new jobs.
  • Reduces dependence on foreign oil.
  • Keeps energy affordable for American families and businesses. 

Statements of Support:

“The Montana Chamber of Commerce thanks Sen. Daines for passage of significant federal tax reform in the US Senate.  Simplifying the tax code at low, broad-based rates will meet several objectives in our 10-year strategic plan, Envision 2026.  Pairing tax reform with responsible management of the deficit will spur economic growth, raise gross state product, and boost per-capita income for Montana’s small businesses and families.” –Webb Brown, President and CEO of the Montana Chamber

“I applaud Senator Daine’s support of Montana’s and our Nation’s small and independent craft brewers. The passage of the Craft Beverage Modernization and Tax Reform Act will allow small, rural breweries like mine, Cabinet Mountain Brewing Co., the ability to reinvest in our business, hire new employees and give us the flexibility to grow. Cheers Senator Daines!” — Sarah Sorensen, Co-Owner Cabinet Mountain Brewing Company, Libby

“Nearly half of the apartments that are affordable to working families and seniors are funded in part by private activity bonds, so NeighborWorks Great Falls is pleased that PABs were included in the conference tax bill.  The bonds will be used to create 92 much-needed new apartments in Great Falls over the next two years, so businesses can hire new employees and the homeless population will decrease.” — NeighborWorks Great Falls

“This Bill stimulate Business and job creation with Tax cuts for most Americans. When the middle class and job creators have more money in their pockets the economy roars and more tax dollars are created. I am so grateful to a Congress that has worked hard to compromise with one another and get a Bill we can all be proud of. This is huge for our Country and its citizens” — Don Kaltschmidt, Owner of Don “K” Chevrolet Subaru Chrysler 

“With the design of a new terminal underway Missoula International Airport is extremely grateful to Senator Daines and to Congress for protecting the exempt status of Private Activity Bonds for airports.  This protection will result in a potential cost savings of over $2 million in additional expense which is money that can be spent on much needed infrastructure as opposed to interest.” — Cris Jensen, A.A.E. Airport Director Missoula International Airport

“Thank you Senator Daines for supporting a tax package that strengthens Montana businesses and guarantees mining and other high paying jobs critical to keeping our tribal and rural economies in Montana strong today and into the future.”  — CJ Stewart, Operating Engineer Union Member and Crow Tribal member

“The Tax Cuts and Jobs Act provides tax relief to Montana engineering firms across the board, including the vast majority of our members organized as passthrough firms. These tend to be the smaller engineering firms in our industry, and we greatly appreciate the support from Senator Daines in helping them to be more competitive in the marketplace.” — ACEC/Montana Executive Director Jay Skoog.

“Montana’s community bankers thank Senator Daines for standing up for and advocating for meaningful tax relief.  We particularly commend Senator Daines for addressing the odious federal estate tax, a tax which works substantial hardship on the ability of families to pass their banking business on to subsequent generations.” — Tom Christnacht, President of MIB, Deer Lodge  

“We are encouraged to hear that the depletion allowance remains available to the mining companies of Montana. Such an incentive will continue to help Montana mining communities.” — Jim Atchison, Executive Director, SEMDC

“Sen. Daines is to be commended for going to bat for Montana’s small businesses who are not C-Corps.  With his change, smaller businesses will have extra money to grow and hire more people.” — Brad Anderson, President – Anderson Management Group, Franchisee of Buffalo Wild Wings Montana

“As a fourth generation Montanan, I applaud the efforts of Senator Daines to pass the Tax Cuts and Jobs Act. This important legislation will deliver meaningful changes to the U.S. tax code that will drive growth and create jobs for hardworking Montanans who are helping to power the country.” — Joe Micheletti, Chief Operating Officer, Westmoreland Coal Company (Anaconda, MT native)

“The tax reform plan you voted for has the potential to boost wages by $2,500 and create close to 3,000 jobs. MPI is also encouraged by the inclusion of a repeal of the Obamacare individual mandate tax. This tax disproportionately impacts lower income Montanans. Finally, thank you for supporting a tax package that cuts taxes for allincome levels and whose benefits are proportionally concentrated on the middle-class. This is no small feat.” — Montana Policy Institute

“The Montana Taxpayers Association is delighted, that after 30 years, Congress is addressing much needed tax reform.  Reforming the U.S. tax system is critical to insuring growth the and expansion of our economy and maintaining America’s world leadership.  A more competitive tax system will benefit small business owners and workers.” — Montana Taxpayers Association

“We’re pleased to see that the industry responsible for lowering energy costs for millions of Americans, creating countless jobs, and generating significant revenue was not left out of what will be the most significant tax reform effort since the Reagan era. Meaningful reforms, like lowering the corporate tax rate and strong cost-recovery provisions, will be an important shot in the arm for the U.S. economy and will help independent oil and natural gas producers of all sizes succeed. This legislation ensures that the U.S. tax code is modernized, pro-growth, and benefits American consumers, businesses, and the economy. Specifically, protecting longstanding necessary and ordinary tax treatments, like percentage depletion, intangible drilling costs, and other capital recovery provisions are critical to ensuring that the industry can continue to reinvest in American energy production. The reforms include concessions on a few of the tax provisions for oil and gas operators, while maintaining mechanisms to allow businesses to recoup capital investments for future development. We are also happy to see that small, independent operators were not left out of the mix. This legislation represents a fair compromise, and will spur the extraction of American oil from American soil.” — Alan Olson, Executive Director, Montana Petroleum Association

“The Montana Stockgrowers Association applauds the passage of the Tax Cuts and Jobs Act and thanks Senator Steve Daines for his efforts to reduce the tax burden on Montana ranchers. Increasing the deductions for purchasing new equipment, doubling the exemption from the death tax, and increasing the deduction for pass-through businesses will all help ranchers’ bottom-line and improve their competitiveness in the market.” – Errol Rice, Executive Vice President, Montana Stockgrowers Association

“We at Philipburg Brewing are much appreciative for all of your efforts to pass the Craft Beverage Modernization and Tax Reform Act of 2017.  We are very much looking forward to continuing to expand our business which has become so important to our small town.  The break in the excise tax will make it easier for us to invest in new equipment, our employees and our community.” – Nolan Smith, Co-owner & Operations Manager Philipsburg Brewing Co 

 

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