BILL AS INTRODUCED H.865
2024 Page 1 of 2
1 H.865
2 SHORT FORM
3 Introduced by Representatives Cina of Burlington, Headrick of Burlington,
4 Howard of Rutland City, Logan of Burlington, McCann of
5 Montpelier, McGill of Bridport, and Surprenant of Barnard
6 Referred to Committee on
7 Date:
8 Subject: Taxation; income tax surcharge; tax incentives; tax penalties
9 Statement of purpose of bill as introduced: This bill proposes to create an
10 income tax surcharge on taxable income over $500,000.00 that will be repealed
11 after 10 years. The revenue from the surcharge is allocated to the General
12 Fund Budget Stabilization Reserve and used for lending to earn additional
13 income for the Reserve. This bill proposes to increase taxes on owning a
14 secondary residence, selling a residence for a large profit after short-term
15 ownership, and renting out a unit at an above-market rate. This bill proposes
16 to create tax incentives for landlords that offer a right of first refusal to tenants
17 to purchase a rental unit and for renting out a unit at a below-market rate. This
18 bill proposes to create a task force to create additional tax incentives and
19 penalties to promote affordable housing.
VT LEG #373575 v.1
 BILL AS INTRODUCED H.865
2024 Page 2 of 2
1 An act relating to an income tax surcharge and tax policies relating to
2 housing
3 It is hereby enacted by the General Assembly of the State of Vermont:
4 (TEXT OMITTED IN SHORT-FORM BILLS)
VT LEG #373575 v.1