Increase IRC 529 education savings income tax deduction

This bill increases Montana's state income tax deduction for contributions to 529 family education savings accounts from $3,000 to $4,500 for the 2025 tax year. It allows taxpayers to reduce their taxable income by up to $4,500 for contributions made to accounts owned by themselves, their spouse, or their Montana-resident children or stepchildren. The bill also establishes an automatic inflation adjustment mechanism that will increase the deduction limit each year based on changes in the consumer price index, rounded to the nearest $100. Additionally, the changes apply retroactively to tax years beginning after December 31, 2024, and take effect immediately upon passage.