The bill H.273 proposes amendments to the Use Value Appraisal Program in Vermont, specifically targeting the eligibility criteria for farmers. It establishes that a farmer is eligible for the program if they earn at least 25 percent of their annual gross income from farming, a reduction from the previous requirement of one-half. Additionally, the bill expands the definition of a farmer to include those who earn at least 25 percent of their income from the raising, feeding, or management of equines.

Furthermore, the bill reduces the land use change tax rate from 10 percent to 6 percent of the full fair market value of the changed land. This tax applies when agricultural land or managed forestland is developed, and the bill clarifies that the tax is assessed without regard to the use value appraisal. The act is set to take effect upon passage, aiming to support farmers and encourage agricultural practices in the state.

Statutes affected:
As Introduced: 32-3752(7), 32-3752, 32-3757(a), 32-3757