Montana revises back feared revenue hit from tax bill - KFBB.com News, Sports and Weather

Montana revises back feared revenue hit from tax bill

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BILLINGS, Mont. (AP) - Montana officials say federal tax cuts passed into law will deliver less of a blow to state revenue than they had expected.
  
Montana Department of Revenue officials initially forecast a $72 million a year loss as a result of the legislation. That's after the Montana Legislature recently met to address a $227 million hole in the state's two-year budget.
  
The outlook for state funding is improving, however.
  
The Billings Gazette reports Montana State Revenue Director Mike Kadas no longer expects to lose $24 million a year in federal royalty payments for at least a year. State officials now are forecasting a $46 million hit to state funding in 2018.
  
Tax cut supporters say the impact should be even less, after people reinvest federal income tax savings back into the state.
  
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Information from: The Billings Gazette, http://www.billingsgazette.com

(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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