Revise allocation of the insurance premium tax to fund property tax relief

This bill directs the Montana Insurance Commissioner to transfer $10 million annually from insurance premium tax revenue to the State Property Tax Assistance Account, which is intended to provide financial relief to property tax payers. The legislation amends existing state law to establish this funding mechanism and includes an immediate appropriation of $50,000 from the general fund to support implementation. The bill is contingent on the passage of Senate Bill No. 90, which would create the state property tax assistance account, and will not take effect if that related legislation is not approved.