reglab/housing_qa huggingface dataset:
32 V.S.A. § 5894
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5894. Liability for failure or delinquency

§ 5894. Liability for failure or delinquency|(a) Failure to supply information. An individual, fiduciary, or officer or employee of any corporation or partner or employee of any partnership, who, with intent to evade any requirement of this chapter or any lawful requirement of the Commissioner hereunder, fails to supply any information required by or under this chapter shall be fined not more than $1,000.00 or be imprisoned not more than one year, or both.(b) Failure to file. An individual, fiduciary, or officer or employee of any corporation or partner or employee of any partnership who knowingly fails to file a tax return when due shall be imprisoned not more than one year or fined not more than $1,000.00, or both.(c) Failure to pay. An individual, fiduciary, or officer or employee of any corporation or partner or employee of any partnership, who with intent to evade a tax liability fails to pay a tax when due shall, if the amount of tax evaded is $500.00 or less in a single calendar year, be imprisoned not more than one year or fined not more than $1,000.00, or both.(d) Failure to file or failure to pay; in excess of $500.00. An individual, fiduciary, or officer or employee of a corporation or partner or employee of a partnership, who with intent to evade a tax liability fails to file a tax return when required to do so or fails to pay a tax when due shall, if the amount of tax evaded is in excess of $500.00 in a single calendar year, be imprisoned not more than three years or fined not more than $10,000.00, or both.(e) False or fraudulent return. An individual, fiduciary, or officer or employee of a corporation or partner or employee of a partnership who knowingly makes, signs, verifies, or files with the Commissioner a false or fraudulent tax return shall be imprisoned not more than one year or fined not more than $1,000.00, or both. An individual, fiduciary, or officer or employee of a corporation or partner or employee of a partnership, who with intent to evade a tax liability makes, signs, verifies, or files with the Commissioner a false or fraudulent tax return shall, if the amount of tax evaded is more than $500.00, be imprisoned not more than three years or fined not more than $10,000.00, or both.(f) Violations from income derived from illegal activity. An individual, fiduciary, officer, or employee of any corporation or a partner or employee of any partnership who violates subsections (a)-(e) of this section based on income derived from illegal activity shall be imprisoned not more than three years or fined not more than $10,000.00 or not more than $100,000.00 if the violation was based on income derived from the unlawful sale of a regulated drug in violation of 18 VSA chapter 84, or both. The penalty provided in this subsection shall be in addition to any other civil or criminal penalties provided by law. (Added 1966, No. 61 (Sp. Sess.), § 1, eff. Jan. 1, 1966; amended 1987, No. 48, § 9; 2013, No. 76, § 7; 2019, No. 40, § 12.)
32 V.S.A. § 5901
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5901. Consent to use or disclosure of information

§ 5901. Consent to use or disclosure of information|(a) Any return of the tax imposed by this chapter, other than a declaration of estimated tax required by this chapter, which is prepared by a person other than the taxpayer, shall contain a written declaration, under the penalties of perjury, by the person preparing the return or declaration that the statements therein are true, correct, and complete, based on all information of which the preparer has any knowledge, and that, either:  (1) he or she has not used and will not use any information furnished by the taxpayer for any purpose other than the preparation of the return or declaration, and has not made and will not make any such information available to any other person for any such purpose; or (2) he or she has obtained a valid consent of the taxpayer to use such information for purposes other than the preparation of the return or declaration, or to make such information available to another person or persons for such purposes.   (b) For the purposes of subdivision (a)(2) of this section, a consent of a taxpayer shall be valid only if it:  (1) is set forth in a separate document signed by the taxpayer; (2) is printed in eight point or larger type or is typed or written in letters of comparable size; and (3) specifies the information which may be used by the preparer, or made available by him or her to another person or persons, and the purpose or purposes for which such information may be used or made available. (Added 1971, No. 251 (Adj. Sess.), § 2, eff. July 1, 1972; amended 1985, No. 266 (Adj. Sess.), § 6, eff. June 4, 1986.)
32 V.S.A. § 5902
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5902. Persons preparing returns

§ 5902. Persons preparing returns|A person shall be fined not more than $1,000.00 or imprisoned for not more than one year, or both, if he or she receives any information furnished by a taxpayer to enable such person to prepare or have prepared for such taxpayer a return of the tax imposed by this chapter or a declaration of estimated tax required by this chapter and he or she:  (1) uses any such information for any purpose other than the preparation of the return or declaration, or makes any such information available to any other person for any such purpose, unless a valid consent, as described in section 5901 of this title, to so use such information, or to so make such information available has been obtained; or (2) uses any such information, or makes any such information available, for a purpose not specified in such valid consent. (Added 1971, No. 251 (Adj. Sess.), § 2, eff. July 1, 1972.)
32 V.S.A. § 5903
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5903. Exceptions

§ 5903. Exceptions|Section 5902 of this title shall not apply to a disclosure of information if such disclosure is made:  (1) pursuant to subdivision 3102(d)(4) of this title; or (2) pursuant to an order of a court. (Added 1971, No. 251 (Adj. Sess.), § 2, eff. July 1, 1972; amended 2003, No. 70 (Adj. Sess.), § 42, eff. March 1, 2004.)
32 V.S.A. § 5910
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5910. Definitions; federal conformity

§ 5910. Definitions; federal conformity|(a) In this subchapter, the following terms shall mean:  (1) C corporation: a corporation which is not an S corporation. (2) Code: the Internal Revenue Code of 1986, as amended and as applicable to the taxable period; references to sections of the Code shall be deemed to refer to corresponding provisions of prior and subsequent federal tax laws. (3) Income attributable to Vermont: items of income, loss, deduction, or credit of the S corporation allocated and apportioned to Vermont pursuant to section 5833 of this title. (4) Income not attributable to Vermont: all items of income, loss, deduction, or credit of the S corporation other than income attributable to Vermont. (5) Pro rata share: the portion of any item attributable to an S corporation shareholder for a taxable period determined in the manner provided in, and subject to any election made under subsection 1377(a) or 1362(e), as the case may be, of the Code. (6) S corporation: a corporation for which a valid election under subsection 1362(a) of the Code is in effect. (7) Taxable period: any taxable year or portion of a taxable year during which a corporation is an S corporation.   (b) Except as otherwise expressly provided or clearly appearing from the context, any term used in this subchapter shall have the same meaning as when used in comparable context in the Code, or in any statute relating to federal income taxes, in effect for the taxable period. Due consideration shall be given in the interpretation of this subchapter to applicable sections of the Code in effect from time to time and to federal rulings and regulations interpreting such sections, provided such Code, rulings, and regulations do not conflict with the provisions of this subchapter. (Added 1995, No. 169 (Adj. Sess.), § 21, eff. May 15, 1996.)
32 V.S.A. § 5911
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5911. Taxation of an S corporation and its shareholders

§ 5911. Taxation of an S corporation and its shareholders|(a) An S corporation shall not be subject to the tax imposed by section 5832 of this title, except to the extent of income taxable to the corporation under the provisions of the Internal Revenue Code.(b) For the purposes of section 5823 of this title, each shareholder's pro rata share of the S corporation's income attributable to Vermont and each resident shareholder's pro rata share of the S corporation's income not attributable to Vermont shall be taken into account by the shareholder in the manner provided in Section 1366 of the Code. (Added 1995, No. 169 (Adj. Sess.), § 21, eff. May 15, 1996.)
32 V.S.A. § 5913
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5913. Part-year residence

§ 5913. Part-year residence|For purposes of this subchapter, if a shareholder of an S corporation is both a resident and nonresident of Vermont during any taxable period, the shareholder's pro rata share of the S corporation's income attributable to Vermont and income not attributable to Vermont for the taxable period shall be further prorated between the shareholder's periods of residence and nonresidence during the taxable period, in accordance with the number of days in each period. (Added 1995, No. 169 (Adj. Sess.), § 21, eff. May 15, 1996.)
32 V.S.A. § 5915
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5915. Minimum tax

§ 5915. Minimum tax|An S corporation which is subject to the provisions of section 5914 of this title shall pay an annual tax of $250.00 to the Commissioner of Taxes on or before the due date prescribed for the filing of S corporation returns under subsection 6072(b) of the Internal Revenue Code. (Added 1995, No. 169 (Adj. Sess.), § 21, eff. May 15, 1996; amended 1997, No. 71 (Adj. Sess.), § 27a(a), eff. March 11, 1998; 2015, No. 134 (Adj. Sess.), § 14, eff. May 25, 2016.)
32 V.S.A. § 5916
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5916. Tax credits

§ 5916. Tax credits|For purposes of section 5825 of this title, no credit shall be available to a resident individual, estate or trust for taxes imposed by another state or territory of the United States, the District of Columbia or a Province of Canada upon an S corporation or the income of an S corporation. (Added 1995, No. 169 (Adj. Sess.), § 21, eff. May 15, 1996.)
32 V.S.A. § 5921
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5921. Minimum tax

§ 5921. Minimum tax|A partnership or a limited liability company which is taxed as a partnership under the Internal Revenue Code and is subject to the provisions of section 5920 of this title shall pay an annual tax of $250.00 to the Commissioner of Taxes on or before the due date prescribed for the filing of the entity's federal return. The tax shall be submitted together with a form prescribed by the Commissioner. A limited liability company that does not receive partnership treatment under the Internal Revenue Code shall be taxed for state purposes in the same manner as taxed under the Internal Revenue Code. Partnerships whose activities are limited to the maintenance and management of their intangible investments and whose annual investment income does not exceed $5,000.00 and whose total assets are not in excess of $20,000.00 shall be exempt from the tax imposed by this section. (Added 1995, No. 169 (Adj. Sess.), § 24, eff. May 15, 1996; amended 1997, No. 50, § 23, eff. June 26, 1997; 1997, No. 71 (Adj. Sess.), § 27a(b), eff. March 11, 1998; 1997, No. 156 (Adj. Sess.), § 37a, eff. April 29, 1998.)
32 V.S.A. § 5930y
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5930y. Wood products manufacture tax credit

§ 5930y. Wood products manufacture tax credit|(a) Definitions. The Secretary of Commerce and Community Development, annually on or before February 1, shall designate any two adjacent counties having at least five percent of their combined jobs provided by employers that manufacture finished wood products and having the highest combined unemployment rate in the state for at least one month in the previous calendar year. Upon making a designation, the Secretary shall send a written notice to the Commissioner of Taxes identifying the designated counties.(b) A credit against the income tax liability is available as follows:  (1) A credit of two percent of the wages paid in the taxable year by an employer for services performed in the designated counties associated with the manufacture of finished wood products. The credit shall be available to the employer in any year the counties qualify and for one year after a qualification ends. As used in this section, "finished wood products" means wood products that are manufactured into the form in which they are offered for sale to consumers. (2) The credit, either alone or in combination with any other credit allowed by this chapter, shall not reduce the income tax liability of the employer by more than 80 percent. (3) The recapture of development incentives established in 3 V.S.A. chapter 47, subchapter 6 shall apply to the tax credits in this section, except that the provisions of subsection 2512(c) of that title shall not apply to a business relocation outside the designated counties. (Added 2005, No. 2 (Sp. Sess.), § 1, eff. June 22, 2005; amended 2011, No. 45, § 17a, eff. May 24, 2011.)
32 V.S.A. § 5930aa
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5930aa. Definitions

§ 5930aa. Definitions|As used in this subchapter:  (1) "Qualified applicant" means an owner or lessee of a qualified building involving a qualified project, but does not include a State or federal agency or a political subdivision of either; or an instrumentality of the United States. (2) "Qualified building" means a building built at least 30 years before the date of application, located within a designated downtown or village center, which upon completion of the project supported by the tax credit will be an income-producing building not used solely as a single-family residence. Churches and other buildings owned by religious organizations may be qualified buildings, but in no event shall tax credits be used for religious worship. (3) "Qualified code improvement project" means a project:  (A) to install or improve platform lifts suitable for transporting personal mobility devices, limited use or limited application elevators, elevators, sprinkler systems, and capital improvements in a qualified building, and the installations or improvements are required to bring the building into compliance with the statutory requirements and rules regarding fire prevention, life safety, and electrical, plumbing, and accessibility codes as determined by the Department of Public Safety; (B) to abate lead paint conditions or other substances hazardous to human health or safety in a qualified building; or (C) to redevelop a contaminated property in a designated downtown or village center under a plan approved by the Secretary of Natural Resources pursuant to 10 V.S.A. § 6615a.  (4) "Qualified expenditures" means construction-related expenses of the taxpayer directly related to the project for which the tax credit is sought but excluding any expenses related to a private residence. (5) "Qualified façade improvement project" means the rehabilitation of the façade of a qualified building that contributes to the integrity of the designated downtown or designated village center. façade improvements to qualified buildings listed, or eligible for listing, in the State or National Register of Historic Places must be consistent with Secretary of the Interior Standards, as determined by the Vermont Division for Historic Preservation. (6) "Qualified historic rehabilitation project" means an historic rehabilitation project that has received federal certification for the rehabilitation project. (7) "Qualified project" means a qualified code improvement, qualified façade improvement, or qualified historic rehabilitation project as defined by this subchapter. (8) "State Board" means the Vermont Downtown Development Board established pursuant to 24 V.S.A. chapter 76A. (Added 2005, No. 183 (Adj. Sess.), § 12; amended 2013, No. 199 (Adj. Sess.), §§ 8, 9; 2015, No. 57, § 71, eff. June 11, 2015; 2019, No. 71, § 4; 2019, No. 131 (Adj. Sess.), § 294.)
32 V.S.A. § 5930bb
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5930bb. Eligibility and administration

§ 5930bb. Eligibility and administration|(a) Qualified applicants may apply to the State Board to obtain the tax credits provided by this subchapter for a qualified project at any time before the completion of the qualified project.(b) To qualify for any of the tax credits under this subchapter, expenditures for the qualified project must exceed $5,000.00.(c) Application shall be made in accordance with the guidelines set by the State Board.(d) Notwithstanding any other provision of this subchapter, qualified applicants may apply to the State Board at any time prior to June 30, 2013 to obtain a tax credit not otherwise available under subsections 5930cc(a)-(c) of this title of 10 percent of qualified expenditures resulting from damage caused by a federally declared disaster in Vermont in 2011. The credit shall only be claimed against the taxpayer's State individual income tax under section 5822 of this title. To the extent that any allocated tax credit exceeds the taxpayer's tax liability for the first tax year in which the qualified project is completed, the taxpayer shall receive a refund equal to the unused portion of the tax credit. If within two years after the date of the credit allocation no claim for a tax credit or refund has been filed, the tax credit allocation shall be rescinded and recaptured pursuant to subdivision 5930ee(6) of this title. The total amount of tax credits available under this subsection shall not be more than $500,000.00 and shall not be subject to the limitations contained in subdivision 5930ee(2) of this subchapter. (Added 2005, No. 183 (Adj. Sess.), § 12; amended 2011, No. 143 (Adj. Sess.), § 22; 2013, No. 199 (Adj. Sess.), § 10; 2017, No. 69, § H.9, eff. June 28, 2017.)
32 V.S.A. § 5930cc
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5930cc. Downtown and Village Center Program tax credits

§ 5930cc. Downtown and Village Center Program tax credits|(a) Historic rehabilitation tax credit. The qualified applicant of a qualified historic rehabilitation project shall be entitled, upon the approval of the State Board, to claim against the taxpayer's State individual income tax, corporate income tax, or bank franchise or insurance premiums tax liability a credit of 10 percent of qualified rehabilitation expenditures as defined in the Internal Revenue Code, 26 U.S.C. § 47(c), properly chargeable to the federally certified rehabilitation.(b) façade improvement tax credit. The qualified applicant of a qualified façade improvement project shall be entitled, upon the approval of the State Board, to claim against the taxpayer's State individual income tax, State corporate income tax, or bank franchise or insurance premiums tax liability a credit of 25 percent of qualified expenditures up to a maximum tax credit of $25,000.00.(c) Code improvement tax credit. The qualified applicant of a qualified code improvement project shall be entitled, upon the approval of the State Board, to claim against the taxpayer's State individual income tax, State corporate income tax, or bank franchise or insurance premiums tax liability a credit of 50 percent of qualified expenditures up to a maximum tax credit of $12,000.00 for installation or improvement of a platform lift, a maximum credit of $60,000.00 for the installation or improvement of a limited use or limited application elevator, a maximum tax credit of $75,000.00 for installation or improvement of an elevator, a maximum tax credit of $50,000.00 for installation or improvement of a sprinkler system, and a maximum tax credit of $50,000.00 for the combined costs of all other qualified code improvements. (Added 2005, No. 183 (Adj. Sess.), § 12; amended 2013, No. 199 (Adj. Sess.), § 11; 2015, No. 57, § 72, eff. June 11, 2015; 2019, No. 71, § 4.)
32 V.S.A. § 5930ee
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5930ee. Limitations

§ 5930ee. Limitations|Beginning in fiscal year 2010 and thereafter, the State Board may award tax credits to all qualified applicants under this subchapter, provided that:  (1) the total amount of tax credits awarded annually, together with sales tax reallocated under section 9819 of this title, does not exceed $3,000,000.00. (2) a total annual allocation of no more than 30 percent of these tax credits in combination with sales tax reallocation may be awarded in connection with all of the projects in a single municipality; (3) façade tax credits shall not be available for projects that qualify for the federal rehabilitation tax credit; (4) no credit shall be allowed under this subchapter for the cost of acquiring any building or interest in a building; (5) credit under any one subsection of 5930cc of this subchapter may not be allocated more often than once every two years with respect to the same building; and (6) credit awarded under section 5930cc of this subchapter that is rescinded or recaptured by the State Board shall be available for the State Board to award to applicants in any subsequent year, in addition to the total amount of tax credits authorized under this section. (Added 2005, No. 183 (Adj. Sess.), § 12; amended 2007, No. 81, § 23, eff. June 11, 2007; 2009, No. 54, § 29, eff. June 1, 2009; 2011, No. 45, § 19, eff. May 24, 2011; 2013, No. 174 (Adj. Sess.), § 35; 2017, No. 69, § H.8, eff. June 28, 2018; 2019, No. 71, § 4; 2019, No. 154 (Adj. Sess.), § E.802, eff. Oct. 2, 2020.)
32 V.S.A. § 5930ff
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 151 - Income Taxes|§ 5930ff. Recapture

§ 5930ff. Recapture|If, within five years after completion of the qualified project, either of the following events occurs, the applicant shall be liable for a recapture penalty in an amount equal to the total tax credit claimed plus an amount equal to any value received from a bank for a bank or insurance credit certificate; and any credit allocated but unclaimed shall be disallowed to the applicant:  (1) The State Board finds that any work performed on the qualified project is inconsistent with the approved application; or the applicant knowingly failed to supply any information, or supplied incorrect or untrue information required by the State Board or failed to comply with any award condition required by the State Board. (2) The National Park Service revoked certification for unapproved alterations or for work not done as described in the historic preservation certification application. (Added 2005, No. 183 (Adj. Sess.), § 12; amended 2009, No. 160 (Adj. Sess.), § 31.)