Communities may apply for designaion by demonstrating that there is a strong local support for downtown revitalization from both the public and private sectors, with the necessary leadership and funding to maintain a comprehensive and long-term effort. The Downtown Development Board has 45 days to approve or deny a completed application for designation. S corporation, partnership and limited liability company income attributable to Vermont passes through to the shareholder, partner and member, respectively, and is taxed at the individual level. The rates are shown below. They apply to taxable income allocated or apportioned to Vermont.
States bordering Vermont have significantly higher corporate tax rates.
New Hampshire ranks 10th in the nation, while New York ranks 2nd and Massachusetts ranks 6th. Vermont ranks much lower at 28th 1 . The tax is imposed on sales of tangible personal property and amusement charges. Vermont, Massachusetts, and New Hampshire rank 43rd, 44th and 46th in the nation per capita, respectively, for sales tax revenue collected, while New York ranks 8th in the nation 2 . Therefore, there is no significant general sales tax advantage when comparing Vermont to bordering states.