Exempt a portion of interest earnings from individual income tax

This bill modifies Montana's individual income tax calculation by exempting certain interest earnings from state taxation while requiring that such interest income still be reported on federal tax forms. The key provision creates a deduction for interest from U.S. government obligations and exempt-interest dividends, but limits the deduction amount based on the taxpayer's filing status. Additionally, the bill adjusts how various other income items are treated when calculating Montana taxable income, including provisions for pass-through entities, state tax deductions, and specific savings account withdrawals. The legislation applies to individual taxpayers filing Montana state income tax returns and includes a delayed effective date for implementation.