Revise income tax laws to lower income taxes

This bill revises Montana's income tax structure by raising the income thresholds at which higher tax rates apply and lowering the top tax rate. It directly affects all Montana taxpayers by increasing the amount of income taxed at the lower 4.7% rate and reducing the highest tax rate from 5.9% to 5.4% or 5.65% depending on filing status. The legislation also adjusts tax brackets for net long-term capital gains and includes provisions to automatically update tax brackets for inflation each year. These changes would apply to individual filers, heads of households, married individuals, estates, and trusts subject to Montana income tax.