reglab/housing_qa huggingface dataset:
32 V.S.A. § 5826
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5826. Credit for income from commercial film production

§ 5826. Credit for income from commercial film production|A credit shall be available against the tax imposed for that taxable year by section 5822 of this title upon the taxpayer's income received for a dramatic performance in a commercial film production during that taxable year. The credit shall be in the amount by which the Vermont tax on such income, without regard to this credit, exceeds the highest personal income tax rate in the taxpayer's state of residence, multiplied by the Vermont commercial film production income. (Added 1997, No. 156 (Adj. Sess.), § 53, eff. April 29, 1998; amended 2009, No. 160 (Adj. Sess.), § 51.)
32 V.S.A. § 5828
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5828. Mobile home park sale; capital gain credit

§ 5828. Mobile home park sale; capital gain credit|A taxpayer of this State shall receive a credit against the tax imposed under section 5822 or 5832 of this title for a qualified sale of a mobile home park. The credit shall be in the amount of seven percent of the taxpayer's gain subject to federal income tax for the taxable year. Credit in excess of the taxpayer's tax liability for the taxable year may be carried forward for credit in the next succeeding three taxable years. "Qualified sale of a mobile home park" means the land comprising a mobile home park that is transferred in a single purchase to a group composed of a majority of the mobile home park leaseholders as defined in 10 V.S.A. § 6242(a), or to a nonprofit organization that represents such a group. (Added 1997, No. 103 (Adj. Sess.), § 11, eff. April 23, 1998.)
32 V.S.A. § 5828b
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5828b. Earned income tax credit

§ 5828b. Earned income tax credit|(a) A resident individual or part-year resident individual who is entitled to an earned income tax credit granted under the laws of the United States shall be entitled to a credit against the tax imposed for each year by section 5822 of this title. The credit shall be 36 percent of the earned income tax credit granted to the individual under the laws of the United States, multiplied by the percentage that the individual's earned income that is earned or received during the period of the individual's residency in this State bears to the individual's total earned income.(b) The tax credit claimed by a taxpayer under this section shall be deductible from the taxpayer's income tax liability, if any, for the year in which the income is earned. In the event the credit exceeds the amount of the income tax payments due from the taxpayer, the excess of credits over payments due shall be paid to the taxpayer. Any payments due to a taxpayer under this subsection shall not bear interest. (Added 1987, No. 258 (Adj. Sess.), § 1, eff. June 16, 1988; amended 1999, No. 49, § 36, eff. June 2, 1999; 1999, No. 119 (Adj. Sess.), § 2, eff. May 18, 2000; 2005, No. 14, § 1, eff. May 3, 2005; 2018, No. 11 (Sp. Sess.), § H.4, eff. Jan. 1, 2018.)
32 V.S.A. § 5828c
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5828c. Low-income child and dependent care credit

§ 5828c. Low-income child and dependent care credit|A resident of this State with federal adjusted gross income less than $30,000.00 (or $40,000.00 for married, filing jointly) shall be eligible for a refundable credit against the tax imposed under section 5822 of this title. The credit shall be equal to 50 percent of the federal child and dependent care credit allowed to the taxpayer for the taxable year for child or dependent care services provided in this State in a registered home or licensed facility certified by the Agency of Human Services as meeting national accreditation or national credential standards endorsed by the Agency. A credit under this section shall be in lieu of any child and dependent care credit available under subsection 5822(d) of this title. (Added 2001, No. 144 (Adj. Sess.), § 24, eff. June 21, 2002; amended 2003, No. 70 (Adj. Sess.), § 39, eff. March 1, 2004.)
32 V.S.A. § 5830a
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5830a. Interest tax

§ 5830a. Interest tax|(a) When another state imposes a tax upon interest earned by its residents on deposits in a lending institution located in this State, but exempts from such taxation deposits by its residents in lending institutions located within that state, then there is hereby levied a tax in the amount of five percent upon interest earned by residents of this State on deposits in lending institutions located in such other state. As used in this section, "lending institution" includes any bank, savings bank, trust company, or building and loan association or other similar institution.(b) For each taxpayer, $600.00 of income otherwise taxable under this section shall be exempt in each tax year. A husband and wife filing a joint return constitute a single taxpayer. (Added 1977, No. 67.)
32 V.S.A. § 5830b
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5830b. Tax credits; Entrepreneurs' Seed Capital Fund

§ 5830b. Tax credits; Entrepreneurs' Seed Capital Fund|(a) The initial capitalization of the Entrepreneurs' Seed Capital Fund, as established in 10 V.S.A. § 291, up to $7,150,000.00 raised from Vermont taxpayers on or before January 1, 2020, shall entitle those taxpayers to a credit against the tax imposed by section 5822, 5832, 5836, or 8551 of this title and by 8 V.S.A. § 6014. The credit may be claimed for the taxable year in which a contribution is made and each of the four succeeding taxable years. The amount of the credit for each year shall be the lesser of four percent of the taxpayer's contribution or 50 percent of the taxpayer's tax liability for that taxable year prior to the allowance of this credit; provided, however, that in no event shall the aggregate credit allowable under this section for all taxable years exceed 20 percent of the taxpayer's contribution to the initial $7,150,000.00 capitalization of the Fund. The credit shall be nontransferable except as provided in subsection (b) of this section.(b) If the taxpayer disposes of an interest in the Fund within four years after the date on which the taxpayer acquired that interest, any unused credit attributable to the disposed-of interest is disallowed. This disallowance does not apply in the event of an involuntary transfer of the interest, including a transfer at death to any heir, devisee, legatee, or trustee, or in the event of a transfer without consideration to or in trust for the benefit of the taxpayer or one or more persons related to the taxpayer as spouse, descendant, parent, grandparent, or child. (Added 1985, No. 171 (Adj. Sess.), § 2, eff. May 7, 1986; amended 1987, No. 80, § 7, eff. June 9, 1987; 1993, No. 78, § 1; 2003, No. 164 (Adj. Sess.), § 8, eff. June 12, 2004; 2005, No. 184 (Adj. Sess.), § 17b, eff. May 24, 2006; 2009, No. 54, § 27, eff. June 1, 2009.)
32 V.S.A. § 5830d
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5830d. Deferral of income taxation; combat zone duty

§ 5830d. Deferral of income taxation; combat zone duty|The provisions of 26 U.S.C. § 7508 shall apply to this chapter for the benefit of:  (1) individuals called up for full-time active military duty as the result of the existence of a military conflict in an area designated as a combat zone by the President of the United States, regardless of whether such duty is performed within the combat zone; and (2) individuals serving in an area treated by federal law in the same manner as if it were a combat zone. (Added 1991, No. 110, § 2, eff. June 28, 1991; amended 1995, No. 169 (Adj. Sess.), § 25, eff. May 15, 1996.)
32 V.S.A. § 5830e
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5830e. Social Security income

§ 5830e. Social Security income|The portion of federally taxable Social Security benefits excluded from taxable income under subdivision 5811(21)(B)(iv) of this chapter shall be as follows:  (1) For taxpayers whose filing status is single, married filing separately, head of household, or qualifying widow or widower:  (A) If the federal adjusted gross income of the taxpayer is less than or equal to $45,000.00, all federally taxable benefits received under the federal Social Security Act shall be excluded. (B) If the federal adjusted gross income of the taxpayer is greater than $45,000.00 but less than $55,000.00, the percentage of federally taxable benefits received under the Social Security Act to be excluded shall be proportional to the amount of the taxpayer's federal adjusted gross income over $45,000.00, determined by:  (i) subtracting the federal adjusted gross income of the taxpayer from $55,000.00; (ii) dividing the value under subdivision (i) of this subdivision (B) by $10,000.00; and (iii) multiplying the value under subdivision (ii) of this subdivision (B) by the federally taxable benefits received under the Social Security Act.  (C) If the federal adjusted gross income of the taxpayer is equal to or greater than $55,000.00, no amount of the federally taxable benefits received under the Social Security Act shall be excluded under this section.  (2) For taxpayers whose filing status is married filing jointly:  (A) If the federal adjusted gross income of the taxpayer is less than or equal to $60,000.00, all federally taxable benefits received under the Social Security Act shall be excluded. (B) If the federal adjusted gross income of the taxpayer is greater than $60,000.00 but less than $70,000.00, the percentage of federally taxable benefits received under the Social Security Act to be excluded shall be proportional to the amount of the taxpayer's federal adjusted gross income over $60,000.00, determined by:  (i) subtracting the federal adjusted gross income of the taxpayer from $70,000.00; (ii) dividing the value under subdivision (i) of this subdivision (B) by $10,000.00; and (iii) multiplying the value under subdivision (ii) of this subdivision (B) by the federally taxable benefits received under the Social Security Act.  (C) If the federal adjusted gross income of the taxpayer is equal to or greater than $70,000.00, no amount of the federally taxable benefits received under the Social Security Act shall be excluded under this section. (Added 2018, No. 11 (Sp. Sess.), § H.5, eff. Jan. 1, 2018.)
32 V.S.A. § 5831
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5831. Name of tax

§ 5831. Name of tax|The tax imposed by this subchapter shall be known as the Vermont Corporate Income Tax. (Added 1966, No. 61 (Sp. Sess.), § 1, eff. Jan. 1, 1966.)
32 V.S.A. § 5832
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5832. Tax on income of corporations

§ 5832. Tax on income of corporations|A tax is imposed for each calendar year, or fiscal year ending during that calendar year, upon the income earned or received in that taxable year by every taxable corporation, reduced by any Vermont net operating loss allowed under section 5888 of this title, such tax being the greater of:  (1) an amount determined in accordance with the following schedule:      Vermont net income of the corpo- ration for the taxable year allo-  cated or apportioned to Vermont          under section 5833 of this title                   Tax                                                                                 $   0-10,000.00                                    6.00%      10,001.00-25,000.00                              $600.00 plus 7.0% of the excess over $10,000.00                                                                             25,001.00 and over                                 $1,650.00 plus 8.5% of the excess over $25,000.00 or        Subdivision (2) shall apply to taxable years beginning on and after January 1, 2019.   (2)(A) $75.00 for small farm corporations. "Small farm corporation" means any corporation organized for the purpose of farming, which during the taxable year is owned solely by active participants in that farm business and receives less than $100,000.00 Vermont gross receipts from that farm operation, exclusive of any income from forest crops; or  (B) An amount determined in accordance with section 5832a of this title for a corporation that qualifies as and has elected to be taxed as a digital business entity for the taxable year; or (C) For C corporations with Vermont gross receipts from $0-$2,000,000.00, the greater of the amount determined under subdivision (1) of this section or $300.00; or (D) For C corporations with Vermont gross receipts from $2,000,001.00-$5,000,000.00, the greater of the amount determined under subdivision (1) of this section or $500.00; or (E) For C corporations with Vermont gross receipts greater than $5,000,000.00, the greater of the amount determined under subdivision (1) of this section or $750.00. (Added 1966, No. 61 (Sp. Sess.), § 1, eff. Jan. 1, 1966; amended 1969, No. 144, § 10, eff. June 1, 1969; 1973, No. 270 (Adj. Sess.), § 1, eff. date, see note set out below; 1983, No. 144 (Adj. Sess.), § 3, eff. April 12, 1984; 1983, No. 144 (Adj. Sess.), § 6(b), eff. Jan. 1, 1988; 1991, No. 32, § 31, eff. May 18, 1991; 1991, No. 67, § 26c, eff. June 19, 1991; 1997, No. 60, § 73, eff. June 26, 1997; 2003, No. 152 (Adj. Sess.), §§ 3, 4, eff. June 7, 2004; 2005, No. 207 (Adj. Sess.), §§ 14, 16, eff. May 31, 2006; 2009, No. 1 (Sp. Sess.), § H.52, eff. Jan. 1, 2010; 2011, No. 143 (Adj. Sess.), § 16, eff. May 15, 2012; 2019, No. 51, § 7, eff. Jan. 1, 2019.)
32 V.S.A. § 5832a
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5832a. Digital business entity franchise tax

§ 5832a. Digital business entity franchise tax|(a) There is imposed upon every business entity which qualifies as and has elected to be taxed as a digital business entity an annual franchise tax equal to:  (1) the greater of 0.02 percent of the current value of the tangible and intangible assets of the company or $250.00, but in no case more than $500,000.00; or (2) where the authorized capital stock does not exceed 5,000 shares, $250.00; where the authorized capital stock exceeds 5,000 shares but is not more than 10,000 shares, $500.00; and the further sum of $250.00 on each 10,000 shares or part thereof.   (b) In no case shall the tax on any corporation for a full taxable year, whether computed under subdivision (a)(1) or (2) of this section, be more than $500,000.00 or less than $250.00.(c) In the case of a corporation that has not been in existence during the whole year, the amount of tax due, at the foregoing rates and as provided, shall be prorated for the portion of the year during which the corporation was in existence.(d) In the case of a corporation changing during the taxable year the amount of its authorized capital stock, the total annual franchise tax payable at the foregoing rates shall be arrived at by adding together the franchise taxes calculated pursuant to subdivision (a)(2) of this section as prorated for the several periods of the year during which each distinct authorized amount of capital stock was in effect.(e) For the purpose of computing the taxes imposed by this section, the authorized capital stock of a corporation shall be considered to be the total number of shares that the corporation is authorized to issue without regard to whether the number of shares that may be outstanding at any one time is limited to a lesser number.(f) The franchise tax under this section shall be reported and paid in the same manner as the tax under subdivision 5832(2)(B) of this title; provided, however, that an electing corporation shall also provide the Commissioner with a copy of its federal tax return. (Added 2009, No. 1 (Sp. Sess.), § H.53, eff. Jan. 1, 2010.)
32 V.S.A. § 5834
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5834. Computation of gains and losses

§ 5834. Computation of gains and losses|For the purpose of ascertaining gain or loss from the sale or other disposition of property, real, personal, or mixed, acquired before January 1, 1931, the taxpayer may, in lieu of the adjusted basis prescribed by the applicable United States Internal Revenue Code, use the fair market value of such property as of the above date, adjusted for the period subsequent thereto. In all other respects, the gain or loss on the sale or other disposition of property shall be ascertained as prescribed by such Code. (Added 1966, No. 61 (Sp. Sess.), § 1, eff. Jan. 1, 1966.)
32 V.S.A. § 5835
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5835. Construction of subchapter

§ 5835. Construction of subchapter|Nothing in this subchapter shall be construed to repeal or affect any of the provisions of chapter 211 of this title. (Added 1966, No. 61 (Sp. Sess.), § 1, eff. Jan. 1, 1966.)
32 V.S.A. § 5838
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5838. Digital business entity election

§ 5838. Digital business entity election|A corporation shall not be subject to the tax imposed by section 5832 of this title if the corporation qualifies as and elects to be taxed as a digital business entity for the taxable year. (Added 2009, No. 1 (Sp. Sess.), § H.54, eff. Jan. 1, 2010.)
32 V.S.A. § 5841
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5841. Requirement and rate of withholding

§ 5841. Requirement and rate of withholding|(a) Every person who is required under the laws of the United States to withhold federal income tax from payments that are also subject to Vermont income tax shall deduct and withhold during the calendar year from the payments made by such person such amount as the Commissioner shall prescribe. Every person who makes payments of income with respect to services performed for such person which were previously deferred under a nonqualified deferred compensation plan shall deduct and withhold during the calendar year from the payments made by such person six percent of any payment (including any withheld tax) of such previously deferred income and of income derived from such previously deferred income. The Commissioner may authorize any person to deduct and withhold Vermont income tax from any other payments that are subject to the tax imposed by this chapter. Notwithstanding the foregoing, banks (as defined in 8 V.S.A. § 909a(a)) shall not be required to withhold Vermont income tax from payments that are subject to federal back-up withholding.(b) The Commissioner shall establish such withholding tables, schedules or formulae as will result in the withholding of such amounts from the payments made by any person during any taxable year, as shall closely approximate the income tax liabilities of the recipients of those payments with respect to those payments for that year under this chapter.(c) Every person who is required under this subchapter to withhold income taxes from payments of income, except for the government of the United States, shall provide the aggregate cost of applicable employer-sponsored coverage required under 26 U.S.C. § 6051(a)(14) regardless of the number of W-2 forms filed. (Added 1966, No. 61 (Sp. Sess.), § 1, eff. Jan. 1, 1966; amended 1985, No. 266 (Adj. Sess.), § 3, eff. June 4, 1986; 1989, No. 210 (Adj. Sess.), § 298, eff. June 1, 1990; 1989, No. 222 (Adj. Sess.), § 6, eff. May 31, 1990; 1991, No. 67, § 24, eff. June 19, 1991; 2015, No. 57, § 67.)
32 V.S.A. § 5843
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5843. Failure to account; maintenance of trust account

§ 5843. Failure to account; maintenance of trust account|If a person fails at any time to comply with the Commissioner's requirement under subsection 5842(b) of this title to remit amounts deducted and withheld at such intervals and based upon such classifications as the Commissioner designates, the Commissioner may petition the Superior Court wherein the person has a place of business, and, upon the petition and hearing, a judge of that court shall issue a citation declaring any amounts thereafter deducted and withheld by the person under section 5841 of this title to be a trust for the State of Vermont. That order shall further require the person, (and, if the person is a corporation, any principal officer of the corporation), to remit those amounts as the Commissioner has required to, and to file a return with respect to each of those payments under the terms of this subchapter with, the court upon pain of contempt of court. The order of notice upon the petition shall be returnable not later than seven business days after the filing of the petition. The petition shall be heard and determined on the return day, or on such day as soon thereafter as the court considers practicable and shall fix, having regard to the circumstances of the case. The costs of the proceeding shall be payable as the court determines. The remittance of those amounts shall be made to the court or, if the court so directs, to the Commissioner, as the Commissioner has required for such period of time as the Commissioner determines with the approval of the court, whether or not all tax liabilities theretofore due have been satisfied, having regard to the maintenance of regular future payments by the person. All amounts and all returns received by the court under this section shall be remitted as soon as is practicable by the court to the Commissioner. (Added 1966, No. 61 (Sp. Sess.), § 1, eff. Jan. 1, 1966; amended 1973, No. 193 (Adj. Sess.), § 3, eff. April 9, 1974; 1985, No. 266 (Adj. Sess.), § 3, eff. June 4, 1986; 1991, No. 186 (Adj. Sess.), § 14, eff. May 7, 1992; 1995, No. 29, § 10, eff. April 14, 1995; 2017, No. 11, § 61.)
32 V.S.A. § 5851
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5851. Definitions

§ 5851. Definitions|As used in this subchapter:  (1) "Tax" means, for any taxpayer and for any taxable year, the income tax liability of the taxpayer for that taxable year under section 5822 of this title, reduced by any allowable credits against such tax. (2) "Required annual payment" means the lesser of:  (A) 90 percent of the tax shown on the return for the taxable year (or, if no return is filed, 90 percent of the tax for such year); or (B) 100 percent of the tax shown on the return of the taxpayer for the preceding taxable year, if the preceding year was a taxable year of 12 months and the taxpayer filed a return for such preceding taxable year. (Added 1966, No. 61 (Sp. Sess.), § 1, eff. Jan. 1, 1966; amended 1985, No. 266 (Adj. Sess.), § 4, eff. June 4, 1986; 1989, No. 119, § 3, eff. June 22, 1989.)
32 V.S.A. § 5855
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5855. Payments as tax liability

§ 5855. Payments as tax liability|(a) Any payment of estimated tax required to be made under the provisions of this subchapter shall be deemed to be a tax liability for the purposes of this chapter. All of the provisions of this chapter, including, without limitation, the provisions governing interest and penalties for nonpayment of tax liabilities, liens, levies, and appeals shall apply to underpayments of estimated tax except as such provisions conflict with the express provisions of this subchapter.(b) No interest or penalty shall be assessed for underpayment of estimated tax for any taxable year if:  (1) the tax shown on the return for such taxable year (or, if no return is filed, the tax), reduced by the amount deducted and withheld for the taxable year under subchapter 4 of this chapter, is less than $500.00; or (2) the preceding taxable year was a taxable year of 12 months and the taxpayer did not have any liability for tax for the preceding taxable year. (Added 1966, No. 61 (Sp. Sess.), eff. Jan. 1, 1966; amended 1967, No. 121, § 12, eff. Jan. 1, 1968; 1985, No. 266 (Adj. Sess.), § 8, eff. June 4, 1986; 1989, No. 119, § 5, eff. June 22, 1989; 1997, No. 156 (Adj. Sess.), § 6, eff. April 29, 1998; 2001, No. 140 (Adj. Sess.), § 10, eff. June 21, 2002.)