reglab/statecodes huggingface dataset:
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 151 - Income Taxes › § 5825a. Credit for Vermont Higher Education Investment Plan contributions

§ 5825a. Credit for Vermont Higher Education Investment Plan contributions
(a) A taxpayer of this State, including each spouse filing a joint return, shall be eligible for a nonrefundable credit against the tax imposed under section 5822 of this title of 10 percent of the first $2,500.00 per beneficiary, contributed by the taxpayer during the taxable year to a Vermont Higher Education Investment Plan account under 16 V.S.A. chapter 87, subchapter 7, provided the account is provided directly by the Vermont Student Assistance Corporation to the participant.
(b) A taxpayer who has received a credit under subsection (a) of this section shall repay to the Commissioner 10 percent of any distribution from a higher education investment plan account, up to a maximum of the total credits received by the taxpayer under subsection (a) of this section minus any amount of repayment of such credits in prior tax years except when the distribution:
(1) is used exclusively for costs of attendance at an approved postsecondary education institution as defined in 16 V.S.A. § 2822(6);
(2) is used for a qualifying expense associated with a registered apprenticeship program pursuant to 26 U.S.C. § 529(c)(8);
(3) is made after the death of the beneficiary or after the beneficiary becomes disabled pursuant to subdivisions (q)(2)(C) and (m)(7) of 26 U.S.C. § 72; or
(4) is used for qualified higher education expense loan repayment pursuant to 26 U.S.C. § 529(c)(9), provided the loan being repaid was used exclusively for costs of attendance at an approved postsecondary education institution as defined in 16 V.S.A. § 2822(6).
(c) Repayments under subsection (b) of this section shall be subject to assessment, notice, penalty and interest, collection, and other administration in the same manner as an income tax under this chapter. (Added 2003, No. 65, § 2, eff. for tax years beginning on and after Jan. 1, 2004; amended 2005, No. 207 (Adj. Sess.), § 6, eff. May 31, 2006; 2019, No. 51, § 19, eff. Jan. 1, 2019; 2019, No. 154 (Adj. Sess.), § E.605.3, eff. Oct. 2, 2020; 2019, No. 175 (Adj. Sess.), § 19, eff. Oct. 8, 2020; 2021, No. 20, § 269; 2021, No. 179 (Adj. Sess.), § 18, eff. January 1, 2022.)
2023 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.)
2023 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 or who would have been entitled to an earned income tax credit under the laws of the United States but for the fact that the individual, the individual’s spouse, or one or more of the individual’s children does not have a qualifying taxpayer identification number shall be entitled to a credit against the tax imposed for each year by section 5822 of this title. The credit shall be 38 percent of the earned income tax credit granted to the individual under the laws of the United States or that would have been granted to the individual under the laws of the United States but for the fact that the individual, the individual’s spouse, or one or more of the individual’s children does not have a qualifying taxpayer identification number, multiplied by the percentage that the individual’s income that is earned or received during the period of the individual’s residency in this State bears to the individual’s total 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; 2021, No. 138 (Adj. Sess.), § 4, eff. January 1, 2022; 2023, No. 72, § 15, eff. January 1, 2023.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 151 - Income Taxes › § 5828c. Child and dependent care credit

§ 5828c. Child and dependent care credit
A resident or part-year resident of this State shall be eligible for a refundable credit against the tax imposed under section 5822 of this title. The credit shall be equal to 72 percent of the federal child and dependent care credit allowed to the taxpayer for the taxable year for child or dependent care services. The amount of the credit for a part-year resident shall be multiplied by the percentage that the individual’s income that is earned or received during the period of the individual’s residency in this State bears to the individual’s total income. (Added 2001, No. 144 (Adj. Sess.), § 24, eff. June 21, 2002; amended 2003, No. 70 (Adj. Sess.), § 39, eff. March 1, 2004; 2021, No. 138 (Adj. Sess.), § 3, eff. January 1, 2022; 2023, No. 72, § 14, eff. January 1, 2023.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 151 - Income Taxes › § 5830. Taxpayer identification numbers; credits

§ 5830. Taxpayer identification numbers; credits
(a) The Commissioner shall provide a process for an individual to claim the child tax credit or the earned income tax credit, or both, pursuant to subsections 5828b(a) and 5830f(a) of this title when the individual, the individual’s spouse, or one or more of the individual’s qualifying children does not have a taxpayer identification number. The Commissioner shall not inquire about or record the citizenship and immigration status of an individual, an individual’s spouse, or one or more of an individual’s qualifying children when an individual claims one or more credits pursuant to this section and subsections 5828b(a) and 5830f(a) of this title.
(b) Upon the Commissioner’s request, an individual who claims one or more credits pursuant to subsections 5828b(a) and 5830f(a) of this title shall provide valid documents establishing the identity and income for the taxable year of the individual and, as applicable, the individual’s spouse and qualifying children. Upon receiving a valid Social Security number issued by the Social Security Administration, the individual shall notify the Commissioner in the time and manner prescribed by the Commissioner.
(c) All claims submitted and records created pursuant to this section and subsections 5828b(a) and 5830f(a) of this title shall be exempt from public inspection and copying under the Public Records Act 1 V.S.A. § 317(c)(6) and shall be kept confidential as return or return information pursuant to section 3102 of this title. (Added 2023, No. 72, § 17, eff. January 1, 2023.)
2023 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.)
2023 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.)
2023 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.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 151 - Income Taxes › § 5830f. Vermont child tax credit

§ 5830f. Vermont child tax credit
(a) A resident individual or part-year resident individual who is entitled to a child tax credit under the laws of the United States or who would have been entitled to a child tax credit under the laws of the United States but for the fact that the individual or the individual’s spouse does not have a taxpayer identification number shall be entitled to a refundable credit against the tax imposed by section 5822 of this title for the taxable year. The total credit per taxable year shall be in the amount of $1,000.00 per qualifying child, as defined under 26 U.S.C. § 152(c) but notwithstanding the taxpayer identification number requirements under 26 U.S.C. § 24(e) and (h)(7), who is five years of age or younger as of the close of the calendar year in which the taxable year of the taxpayer begins. For a part-year resident individual, the amount of the credit shall be multiplied by the percentage that the individual’s income that is earned or received during the period of the individual’s residency in this State bears to the individual’s total income.
(b) Notwithstanding subsection (a) of this section, the amount of the credit per child under this section shall be reduced, but not below zero, by $20.00 for each $1,000.00, or fraction thereof, by which the individual’s adjusted gross income exceeds $125,000.00, irrespective of the individual’s filing status. For purposes of this subsection, spouses filing jointly shall be considered an individual.
(c) Notwithstanding any provision of law to the contrary, the refundable credit and its payment authorized under this section shall be treated in the same manner as the federal Earned Income Tax Credit and shall not be considered as assets, income, or resources to the same extent the credit and its payment would be disregarded pursuant to 26 U.S.C. § 6409 and the general welfare doctrine for purposes of determining eligibility for benefits or assistance, or the amount or extent of those benefits or assistance, under any State or local program, including programs established under 33 V.S.A. § 3512 and chapters 11, 17, 19, 21, 25, and 26. This subsection shall only apply to the extent that it does not conflict with federal law relating to the benefit or assistance program and that any required federal approval or waiver is first obtained for that program. (Added 2021, No. 138 (Adj. Sess.), § 1, eff. January 1, 2022; amended 2023, No. 72, § 16, eff. January 1, 2023.)
2023 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:
(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 $0.00–$500,000.00, the greater of the amount determined under subdivision (1) of this section or $100.00; or
(D) For C corporations with Vermont gross receipts from $500,001.00–$1,000,000.00, the greater of the amount determined under subdivision (1) of this section or $500.00; or
(E) For C corporations with Vermont gross receipts from $1,000,001.00–$5,000,000.00, the greater of the amount determined under subdivision (1) of this section or $2,000.00; or
(F) For C corporations with Vermont gross receipts from $5,000,001.00–$300,000,000.00, the greater of the amount determined under subdivision (1) of this section or $6,000.00; or
(G) For C corporations with Vermont gross receipts greater than $300,000,000.00, the greater of the amount determined under subdivision (1) of this section or $100,000.00. (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; 2021, No. 148 (Adj. Sess.), § 2, eff. January 1, 2023.)
2023 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 that 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.)
2023 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 U.S. Internal Revenue Code, use the fair market value of such property as of January 1, 1931, 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.)
2023 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.)
2023 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.)
2023 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 that 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.)
2023 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.)
2023 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.)
2023 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 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.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 151 - Income Taxes › § 5856. Declaration of estimated tax

§ 5856. Declaration of estimated tax
(a) Every corporate taxpayer shall make a declaration of estimated tax for the taxable year in such form as the Commissioner shall prescribe, if the amount payable as estimated tax can reasonably be expected to be more than $500.00 for the taxable year. The term “estimated tax” shall mean the amount that the taxpayer estimates to be its tax under this title for the taxable year, or in the case of a taxable year of less than 12 months an amount of tax determined in accordance with regulations prescribed by the Commissioner. For the purposes of this chapter, a declaration is a return.
(b) A corporate taxpayer may amend a declaration, under regulations prescribed by the Commissioner. (Added 1975, No. 1 (Sp. Sess.), § 15, eff. Jan. 1, 1976; amended 1989, No. 119, § 8, eff. June 22, 1989.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 151 - Income Taxes › § 5857. Filing dates

§ 5857. Filing dates
A declaration of estimated tax shall be filed on or before the 15th day of the fourth month of each taxable year, except that if the $500.00 minimum tax requirement is met:
(1) after the fourth month and before the sixth month of the taxable year, the declaration shall be filed on or before the 15th day of the sixth month;
(2) after the fifth and before the ninth month of the taxable year, the declaration shall be filed on or before the 15th day of the ninth month; or
(3) after the eighth month and before the 12th month of the taxable year, the declaration shall be filed for the taxable year on or before the 15th day of the 12th month. (Added 1975, No. 1 (Sp. Sess.), § 15, eff. Jan. 1, 1976; amended 1989, No. 119, § 9, eff. June 22, 1989.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 151 - Income Taxes › § 5858. Payment dates

§ 5858. Payment dates
A taxpayer required to file a declaration of estimated tax shall pay such estimated tax as follows:
(1) If the declaration is required to be filed on or before the 15th day of the fourth month of the taxable year, the estimated tax shall be paid in four equal installments. The first installment shall be paid at the time of required filing of the declaration, and the second, third, and fourth installments shall be paid on or before the 15th day of the sixth, ninth, and 12th months of the taxable year, respectively.
(2) If the declaration is required to be filed on or before the 15th day of the sixth month of the taxable year, the estimated tax shall be paid in three equal installments. The first installment shall be paid at the time of required filing of the declaration, and the second and third installments shall be paid on or before the 15th day of the ninth and 12th months of the taxable year, respectively.
(3) If the declaration is required to be filed on or before the 15th day of the ninth month of the taxable year, the estimated tax shall be paid in two equal installments, at the time of required filing of the declaration for such taxable year and on or before the 15th day of the 12th month of such taxable year.
(4) If the declaration is required to be filed on or before the 15th day of the 12th month of the taxable year, the estimated tax shall be paid in full at the time of such required filing.
(5) If an amended declaration is filed, the remaining installments, if any, shall be ratably increased or decreased, as the case may be, to reflect the increase or decrease in the estimated tax occasioned by such amendment.
(6) The Commissioner may authorize payment by electronic funds transfer. The Commissioner may require payment by electronic funds transfer from any taxpayer who is required by federal tax law to pay any federal tax in that manner, or from any taxpayer who has submitted to the Department of Taxes two or more protested or otherwise uncollectible checks with regard to any State tax payment in the prior two years. (Added 1975, No. 1 (Sp. Sess.), § 15, eff. Jan. 1, 1976; amended 1997, No. 156 (Adj. Sess.), § 7, eff. April 29, 1998.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 151 - Income Taxes › § 5861. Returns by individuals, trusts, and estates

§ 5861. Returns by individuals, trusts, and estates
(a) Every individual, trust, or estate subject to taxation for any taxable year under section 5822 of this title shall file a Vermont personal income tax return for that taxable year if that person is required to file a United States income tax return for that year and (1) earned or received more than $100.00 of Vermont income, or (2) earned or received more than $1,000.00 in gross income from the sources listed in subdivisions 5823(b)(1) through (6) of this title, whether or not a resident, in that year, or has a tax liability under this chapter for that year.
(b) The return required to be filed under this section shall be filed on or before the date a United States income tax return is originally required to be filed by the individual, trust, or estate under the laws of the United States for the taxable year or the date as extended by the Commissioner under section 5868 of this title.
(c) Spouses or a surviving spouse may file a joint Vermont personal income tax return for any taxable year for which the spouses or surviving spouse are permitted to file a joint federal income tax return under the laws of the United States.
(d) If a joint Vermont personal income tax return is filed by spouses or by a surviving spouse for any taxable year, the tax under this chapter shall be measured by the joint federal income tax liability of the taxpayers for that taxable year and their liability with respect to the tax under this chapter shall be joint and several.
(e) The Commissioner may require information on a Vermont personal income tax return that is sufficient to identify the school district, as defined in 16 V.S.A. § 11(a)(10), in which the taxpayer resides. The Commissioner may consider a return incomplete if the information required under this subsection is not provided and shall cause the return to be completed.
(f) [Repealed.]
(g) [Repealed.] (Added 1966, No. 61 (Sp. Sess.), § 1, eff. Jan. 1, 1966; amended 1967, No. 121, § 13, eff. Jan. 1, 1968; 1981, No. 170 (Adj. Sess.), § 5, eff. April 19, 1982; 1987, No. 82, § 3, eff. June 9, 1987; 1993, No. 49, §§ 13, 14, eff. May 28, 1993; 1995, No. 47, § 20, eff. April 20, 1995; 1999, No. 49, § 56, eff. June 2, 1999; 2007, No. 33, § 2, eff. May 18, 2007; 2021, No. 105 (Adj. Sess.), § 538, eff. July 1, 2022.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 151 - Income Taxes › § 5861a. Returns by partnerships

§ 5861a. Returns by partnerships
(a) Every partnership having any income derived from Vermont sources shall file with the Commissioner a Vermont partnership income tax return and a copy of the federal form 1065, including Schedules K and K-1 (U.S. Partnership Return of Income and Partner’s Share of Income, Credits, Deductions, etc.), required to be filed with the federal authorities at such time as such schedule is required to be filed or is, in fact, filed with the federal authorities. A partnership is considered to have income from Vermont sources if it earned or received more than $100.00 of Vermont income or earned or received more than $1,000.00 of gross income from the sources listed in subdivisions 5823(b)(1) through (6) of this title or associated with or attributable to business activities carried on in Vermont.
(b) The returns and schedules required to be filed under this section shall be treated as a return for all purposes under this chapter. (Added 1983, No. 59, § 11, eff. April 22, 1983; amended 1989, No. 222 (Adj. Sess.), § 10, eff. May 31, 1990; 1997, No. 50, § 19, eff. June 26, 1997.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 151 - Income Taxes › § 5862. Returns by corporations

§ 5862. Returns by corporations
(a) Every corporation that is a taxable corporation, for any taxable year, shall file a Vermont corporate income tax return for that taxable year on or before the date a U.S. income tax return is required to be filed for that year by that corporation under the laws of the United States.
(b) If such corporation fails to file such return on or before such date, the corporation shall pay a penalty of $50.00 in addition to any other penalties, interest, or fees provided by this chapter. If a petition is filed under section 5864 of this title in order to force the filing of such return, then a further penalty of $200.00 shall be paid in addition to any other penalties, interest, or fees provided by this chapter and in addition to the $50.00 penalty provided herein. However, if a judge of the Superior Court finds that there was no cause for the Commissioner to file the petition, he or she shall order that the $200.00 penalty not be imposed. Such penalties shall be paid at the time the return is filed, without assessment or demand.
(c) Taxable corporations that received any income allocated or apportioned to this State under the provisions of section 5833 of this title for the taxable year and that under the laws of the United States constitute an affiliated group of corporations may elect to file a consolidated return in lieu of separate returns if such corporations qualify and elect to file a consolidated federal income tax return for that taxable year. Such an election to file a Vermont consolidated return shall continue for five years, including the year the election is made.
(d) A taxable corporation that is part of an affiliated group engaged in a unitary business shall be treated as a single taxpayer and shall file a group return containing the combined net income of the affiliated group and such other informational returns as the Commissioner shall require by rule. A unitary combined return shall include the income and apportionment factors of any taxable corporation incorporated in the United States or formed under the laws of any state, the District of Columbia, or any territory or possession of the United States and in a unitary relationship with the taxpayer. The income, gain, or losses from members of a combined group shall be combined to the extent allowed under the Internal Revenue Code for consolidated filing as if the combined group was a consolidated filing group, provided that a state tax credit shall not be combined and shall be limited to the member to which the credit is attributed. (Added 1966, No. 61 (Sp. Sess.), § 1, eff. Jan. 1, 1966; amended 1971, No. 73, § 18, eff. April 16, 1971; 1973, No. 193 (Adj. Sess.), § 3, eff. April 9, 1974; 1987, No. 82, § 8, eff. June 9, 1987; 1991, No. 67, § 4, eff. June 19, 1991; 2003, No. 152 (Adj. Sess.), § 7, eff. June 7, 2004; 2013, No. 174 (Adj. Sess.), § 2, eff. Jan. 1, 2014; 2021, No. 148 (Adj. Sess.), § 4, eff. January 1, 2023.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 151 - Income Taxes › § 5862a. Nongame Wildlife Account checkoff

§ 5862a. Nongame Wildlife Account checkoff
(a) Returns filed by individuals shall include, on a form prescribed by the Commissioner of Taxes, an opportunity for the taxpayer to designate funds to reimburse the State, in all or in part, for its General Fund appropriation to the Nongame Wildlife Account.
(b) Amounts so designated shall be deducted from refunds due to, or overpayments made by, the designating taxpayers. All amounts so designated and deducted shall be deposited in the Nongame Wildlife Account by the Commissioner of Taxes. If at any time after the payment of amounts so designated to the Nongame Wildlife Account it is determined that the taxpayer was not entitled to all or any part of the amount so designated, the Commissioner may assess, and the Nongame Wildlife Account shall then pay to the Commissioner, the amount received, together with interest at the rate prescribed by section 3108 of this title, from the date the payment was made until the date of repayment.
(c) The Commissioner of Taxes may encourage taxpayers to make designations to the Account, including explaining the purposes of the Account and how to contribute to it.
(d) If amounts paid with respect to a return are insufficient to cover both the amount owed on the return under this chapter and the amount designated by the taxpayer as a contribution to the Nongame Wildlife Account, the payment shall first be applied to the amount owed on the return under this chapter and the balance, if any, shall be deposited in the Nongame Wildlife Account.
(e) Nothing in this section shall be construed to require the Commissioner to collect any amount designated as a contribution to the Nongame Wildlife Account. (Added 1985, No. 191 (Adj. Sess.), § 4, eff. May 14, 1986; amended 1987, No. 221 (Adj. Sess.), §§ 1, 2, eff. May 27, 1988.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 151 - Income Taxes › § 5862d. Filing of federal form 1099

§ 5862d. Filing of federal form 1099
(a) Any individual or business required to file a federal form 1099 with respect to a nonresident who performed services within the State during the taxable year shall file a copy of the form with the Department. The Commissioner may authorize electronic filing of the form.
(b) Any person required to file information returns pursuant to 26 U.S.C. § 6050W shall, within 30 days of the date the filing is due to the Internal Revenue Service, file with the Commissioner a duplicate of such information returns on which the recipient has a Vermont address. In addition, at the same time the information in this subsection is required, third-party settlement organizations shall report to the Department of Taxes, and to any participating payee with a Vermont address, any information required by 26 U.S.C. § 6050W with respect to third-party network transactions related to that participating payee, as if the de minimis limitations of 26 U.S.C. § 6050W(e) did not apply, but that the de minimis limitations of 26 U.S.C. § 6041(a) did apply. The Commissioner may adopt rules and authorize electronic filing of the information required by this subsection.
(c) A failure to provide the information required by subsections (a) and (b) of this section shall be considered a failure to provide a return or return information required by this chapter, for the purposes of sections 3202, 5863, and 5864 of this title. (Added 1997, No. 156 (Adj. Sess.), § 8, eff. April 29, 1998; amended 2013, No. 174 (Adj. Sess.), § 1, eff. Jan. 1, 2014; 2017, No. 73, § 22, eff. Jan. 1, 2017.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 151 - Income Taxes › § 5862e. Vermont Veterans’ Fund checkoff

§ 5862e. Vermont Veterans’ Fund checkoff
(a) Returns filed by individuals shall include, on a form prescribed by the Commissioner of Taxes, an opportunity for the taxpayer to designate funds to the Vermont Veterans’ Fund.
(b) Amounts designated under subsection (a) of this section shall be deducted from refunds due to, or overpayment made by, the designating taxpayer. All amounts so designated and deducted shall be deposited in an account by the Commissioner of Taxes for payment to the Vermont Veterans’ Fund. If at any time after the payment of amounts so designated to the account it is determined that the taxpayer was not entitled to all or any part of the amount so designated, the Commissioner may assess, and the account shall then pay to the Commissioner, the amount received, together with interest at the rate prescribed by section 3108 of this title, from the date the payment was made until the date of repayment.
(c) The Commissioner of Taxes shall explain to taxpayers the purpose of the account and how to contribute to it. The Commissioner shall provide notice in the instructions for the State individual income tax return as to how to obtain a copy of the annual income and expense report of the Vermont Veterans’ Fund.
(d) If amounts paid with respect to a return are insufficient to cover both the amount owed on the return under this chapter and the amount designated as a contribution to the Vermont Veterans’ Fund, the payment shall first be applied to the amount owed on the return under this chapter and the balance, if any, shall be deposited in the Fund.
(e) Nothing in this section shall be construed to require the Commissioner to collect any amount designated as a contribution to the Vermont Veterans’ Fund. (Added 2009, No. 160 (Adj. Sess.), § 49.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 151 - Income Taxes › § 5862f. Vermont Green Up checkoff

§ 5862f. Vermont Green Up checkoff
(a) Returns filed by individuals shall include, on a form prescribed by the Commissioner of Taxes, an opportunity for the taxpayer to designate funds to Vermont Green Up, Inc.
(b) Amounts so designated shall be deducted from refunds due to, or overpayments made by, the designating taxpayers. All amounts so designated and deducted shall be deposited in an account by the Commissioner of Taxes for payment to Vermont Green Up, Inc. If at any time after the payment of amounts so designated to the account it is determined that the taxpayer was not entitled to all or any part of the amount so designated, the Commissioner may assess, and the account shall then pay to the Commissioner, the amount received, together with interest at the rate prescribed by section 3108 of this title, from the date the payment was made until the date of repayment.
(c) The Commissioner of Taxes shall explain to taxpayers the purposes of the account and how to contribute to it. The Commissioner shall make available to taxpayers the annual income and expense report of Vermont Green Up, Inc., and shall provide notice in the instructions for the State individual income tax return that the report is available at the Department of Taxes.
(d) If amounts paid with respect to a return are insufficient to cover both the amount owed on the return under this chapter and the amount designated by the taxpayer as a contribution to Vermont Green Up, Inc., the payment shall first be applied to the amount owed on the return under this chapter and the balance, if any, shall be deposited in the account.
(e) Nothing in this section shall be construed to require the Commissioner to collect any amount designated as a contribution to Vermont Green Up, Inc. (Added 2013, No. 174 (Adj. Sess.), § 3, eff. Jan. 1, 2015.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 151 - Income Taxes › § 5863. Additional returns

§ 5863. Additional returns
When the Commissioner is of the opinion that a taxpayer has failed to file any return required by this chapter, or to include in any return so filed, either intentionally or through error, information by which the taxpayer’s tax liability may correctly be determined, the Commissioner may, by written notice to the taxpayer, require that the taxpayer file that return, or an additional supplementary return containing such information, verified as provided in section 5867 of this title, in such form as the Commissioner shall prescribe. The filing of that return shall not relieve the taxpayer from any of the penalties to which he or she may be liable under this chapter. (Added 1966, No. 61 (Sp. Sess.), § 1, eff. Jan. 1, 1966.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 151 - Income Taxes › § 5864. Failure to file a return; petition and computation of tax

§ 5864. Failure to file a return; petition and computation of tax
(a) Upon the failure of a taxpayer to file any return required under this chapter within 15 days of the date of a notice to the taxpayer under section 5863 of this title, the Commissioner may petition a judge of the Superior Court in the county wherein the taxpayer resides or has a place of business or, if the taxpayer neither resides nor has a place of business in this State, the Commissioner may petition the Washington Superior Court, and upon the petition of the Commissioner and a hearing, the judge shall issue a citation requiring the taxpayer and, if the taxpayer is a corporation, any principal officer of such corporation to file a proper return in accordance with this chapter, upon pain of contempt. The order of notice upon the petition shall be returnable not later than 20 days after the filing of the petition. The petition shall be heard and determined on the return day or on such day thereafter as the court shall fix, having regard to the speediest possible determination of the case consistent with the rights of the parties. The judgment shall include costs in favor of the prevailing party.
(b) Upon the failure of a taxpayer to file any return required under this chapter within 15 days of the date of a notice to the taxpayer under section 5863 of this title, whether or not a petition has been or will be filed under subsection (a) of this section, the Commissioner may compute the tax liability of the taxpayer with respect to which the return was required to be filed, according to the Commissioner’s best information and belief. Upon that computation, the Commissioner shall notify the taxpayer of his or her deficiency with respect to the payment of that tax liability, and may assess any penalty or interest with respect thereto, under sections 3202 and 3203 of this title. (Added 1966, No. 61 (Sp. Sess.), § 1, eff. Jan. 1, 1966; amended 1973, No. 193 (Adj. Sess.), § 3, eff. April 9, 1974; 2017, No. 74, § 137.)