Bill Summary – FastDemocracy

The bill proposes significant amendments to Vermont's tax regulations, including the repeal of the provision in 32 V.S.A. § 5916 that previously denied tax credits for S corporations. It introduces a new property transfer tax rate of 3.4 percent for certain residential property transfers that will not serve as the principal residence of the transferee. Additionally, the bill establishes criteria for assessing tax in cases where a landlord certificate is filed without a bona fide landlord-tenant relationship and amends land use change tax provisions, including fair market value determinations and appeal timelines. Other notable changes include extending the sunset for the Health IT Fund to 2031, updating the inflation index for school contracts, and clarifying the definition of communications property for taxation purposes.

Furthermore, the bill modifies the base education amount to $6,800, adjusts the estate tax exemption from $2,750,000 to $5,000,000, and introduces new provisions for the Down Payment Assistance Program. It also establishes a framework for the Governor to create a list of scholarship granting organizations, ensuring educational opportunities for economically disadvantaged students. The bill standardizes property assessment dates from April 1 to January 1, impacting various tax-related processes, and includes provisions for payments in lieu of taxes (PILOT) for lands held by the Agency of Natural Resources. Overall, the amendments aim to streamline tax processes, enhance revenue collection, and improve educational funding mechanisms in Vermont.
Statutes affected: 
As Introduced: 32-5916, 32-9602, 32-3757, 32-3758(b), 32-3758, 32-3710(c), 32-3710, 32-5405(a), 32-5405, 32-5406, 16-559(e)(7), 16-559, 16-559(e), 16-2959a(d), 16-2959a, 16-4011(b), 16-4011, 32-5401(12)(B), 32-5401, 32-5401(12), 32-6062(c), 32-6062, 32-7444(a), 32-7444, 32-5930u(h), 32-5930u, 32-4152(a)(3), 32-4152, 32-4152(a), 10-4132, 24-1892(b), 24-1892, 24-1904(b)(2), 24-1904, 24-1904(b), 32-3481(1)(B)(iv), 32-3481, 32-3481(1), 32-3482, 32-3485, 32-3603(a), 32-3603, 32-3610(b), 32-3610, 32-3618(c)(2), 32-3618, 32-3618(c), 32-3651, 32-3691, 32-3692(b), 32-3692, 32-3708, 32-3755(b), 32-3755, 32-3802a, 32-3850(d), 32-3850, 32-4001(a), 32-4001, 32-4004, 32-4041, 32-4044, 32-4045, 32-4605, 32-5401(7), 32-5404a(a)(6), 32-5404a, 32-5404a(a), 32-5410, 32-133, 32-3436(e), 32-3436, 32-3709(a), 32-3709, 32-4041a, 32-5811, 32-5822, 32-5823, 32-5930ii, 32-5930ee, 32-5824, 32-7402(8), 32-7402, 16-4025, 32-435(b)(7), 32-435, 32-435(b)
As Passed By the House -- Official: 32-5916, 32-9602, 32-3757, 32-3758(b), 32-3758, 32-3710(c), 32-3710, 32-5405(a), 32-5405, 32-5406, 16-559(e)(7), 16-559, 16-559(e), 16-2959a(d), 16-2959a, 16-4011(b), 16-4011, 32-5401(12)(B), 32-5401, 32-5401(12), 32-6062(c), 32-6062, 32-7444(a), 32-7444, 32-5930u(h), 32-5930u, 32-4152(a)(3), 32-4152, 32-4152(a), 10-4132, 24-1892(b), 24-1892, 24-1904(b)(2), 24-1904, 24-1904(b), 32-3481(1)(B)(iv), 32-3481, 32-3481(1), 32-3482, 32-3485, 32-3603(a), 32-3603, 32-3610(b), 32-3610, 32-3618(c)(2), 32-3618, 32-3618(c), 32-3651, 32-3691, 32-3692(b), 32-3692, 32-3708, 32-3755(b), 32-3755, 32-3802a, 32-3850(d), 32-3850, 32-4001(a), 32-4001, 32-4004, 32-4041, 32-4044, 32-4045, 32-4605, 32-5401(7), 32-5404a(a)(6), 32-5404a, 32-5404a(a), 32-5410, 32-133, 32-3436(e), 32-3436, 32-3709(a), 32-3709, 32-4041a, 32-5811, 32-5822, 32-5823, 32-5930ii, 32-5930ee, 32-5824, 32-7402(8), 32-7402, 16-4025, 32-435(b)(7), 32-435, 32-435(b)
As Passed By the House -- Unofficial: 32-5916, 32-9602, 32-3757, 32-3758(b), 32-3758, 32-3710(c), 32-3710, 32-5405(a), 32-5405, 32-5406, 16-559(e)(7), 16-559, 16-559(e), 16-2959a(d), 16-2959a, 16-4011(b), 16-4011, 32-5401(12)(B), 32-5401, 32-5401(12), 32-6062(c), 32-6062, 32-7444(a), 32-7444, 32-5930u(h), 32-5930u, 32-4152(a)(3), 32-4152, 32-4152(a), 10-4132, 24-1892(b), 24-1892, 24-1904(b)(2), 24-1904, 24-1904(b), 32-3481(1)(B)(iv), 32-3481, 32-3481(1), 32-3482, 32-3485, 32-3603(a), 32-3603, 32-3610(b), 32-3610, 32-3618(c)(2), 32-3618, 32-3618(c), 32-3651, 32-3691, 32-3692(b), 32-3692, 32-3708, 32-3755(b), 32-3755, 32-3802a, 32-3850(d), 32-3850, 32-4001(a), 32-4001, 32-4004, 32-4041, 32-4044, 32-4045, 32-4605, 32-5401(7), 32-5404a(a)(6), 32-5404a, 32-5404a(a), 32-5410, 32-133, 32-5811, 32-5822, 32-5823, 32-5930ii, 32-5930ee, 32-5824, 32-7402(8), 32-7402, 16-4025, 32-435(b)(7), 32-435, 32-435(b)
As Passed by Both House and Senate -- Official: 32-5916, 32-9602, 32-3757, 32-3758(b), 32-3758, 32-3710(c), 32-3710, 32-5405(a), 32-5405, 32-5406, 16-559(e)(7), 16-559, 16-559(e), 16-2959a(d), 16-2959a, 16-4011(b), 16-4011, 32-5401(12)(B), 32-5401, 32-5401(12), 32-6062(c), 32-6062, 32-7444(a), 32-7444, 32-5930u(h), 32-5930u, 32-4152(a)(3), 32-4152, 32-4152(a), 10-4132, 24-1892(b), 24-1892, 24-1904(b)(2), 24-1904, 24-1904(b), 32-3481(1)(B)(iv), 32-3481, 32-3481(1), 32-3482, 32-3485, 32-3603(a), 32-3603, 32-3610(b), 32-3610, 32-3618(c)(2), 32-3618, 32-3618(c), 32-3651, 32-3691, 32-3692(b), 32-3692, 32-3708, 32-3755(b), 32-3755, 32-3802a, 32-3850(d), 32-3850, 32-4001(a), 32-4001, 32-4004, 32-4041, 32-4044, 32-4045, 32-4605, 32-5401(7), 32-5404a(a)(6), 32-5404a, 32-5404a(a), 32-5410, 32-133, 32-3436(e), 32-3436, 32-3709(a), 32-3709, 32-4041a, 32-5811, 32-5822, 32-5823, 32-5930ii, 32-5930ee, 32-5824, 32-7402(8), 32-7402, 16-4025, 32-435(b)(7), 32-435, 32-435(b), 32-3755(b)(2), 32-4463, 32-3602b, 24-138
As Passed by Both House and Senate -- Unofficial: 32-5916, 32-9602, 32-3757, 32-3758(b), 32-3758, 32-3755(b)(2), 32-3755, 32-3755(b), 32-4463, 32-3710(c), 32-3710, 32-3602b, 32-5405(a), 32-5405, 32-5406, 16-559(e)(7), 16-559, 16-559(e), 16-2959a(d), 16-2959a, 16-4011(b), 16-4011, 32-5401(12)(B), 32-5401, 32-5401(12), 32-6062(c), 32-6062, 32-7444(a), 32-7444, 32-5930u(h), 32-5930u, 32-4152(a)(3), 32-4152, 32-4152(a), 10-4132, 24-1892(b), 24-1892, 24-1904(b)(2), 24-1904, 24-1904(b), 32-3481(1)(B)(iv), 32-3481, 32-3481(1), 32-3482, 32-3485, 32-3603(a), 32-3603, 32-3610(b), 32-3610, 32-3618(c)(2), 32-3618, 32-3618(c), 32-3651, 32-3691, 32-3692(b), 32-3692, 32-3708, 32-3802a, 32-3850(d), 32-3850, 32-4001(a), 32-4001, 32-4004, 32-4041, 32-4044, 32-4045, 32-4605, 32-5401(7), 32-5404a(a)(6), 32-5404a, 32-5404a(a), 32-5410, 32-133, 32-5811, 32-5822, 32-5823, 32-5930ii, 32-5930ee, 32-5824, 32-7402(8), 32-7402, 16-4025, 32-435(b)(7), 32-435, 32-435(b)
As Enacted: 32-5916, 32-9602, 32-3757, 32-3758(b), 32-3758, 32-3755(b)(2), 32-3755, 32-3755(b), 32-4463, 32-3710(c), 32-3710, 32-3602b, 32-5405(a), 32-5405, 32-5406, 16-559(e)(7), 16-559, 16-559(e), 16-2959a(d), 16-2959a, 16-4011(b), 16-4011, 32-5401(12)(B), 32-5401, 32-5401(12), 32-6062(c), 32-6062, 32-7444(a), 32-7444, 32-5930u(h), 32-5930u, 32-4152(a)(3), 32-4152, 32-4152(a), 10-4132, 24-1892(b), 24-1892, 24-1904(b)(2), 24-1904, 24-1904(b), 32-3481(1)(B)(iv), 32-3481, 32-3481(1), 32-3482, 32-3485, 32-3603(a), 32-3603, 32-3610(b), 32-3610, 32-3618(c)(2), 32-3618, 32-3618(c), 32-3651, 32-3691, 32-3692(b), 32-3692, 32-3708, 32-3802a, 32-3850(d), 32-3850, 32-4001(a), 32-4001, 32-4004, 32-4041, 32-4044, 32-4045, 32-4605, 32-5401(7), 32-5404a(a)(6), 32-5404a, 32-5404a(a), 32-5410, 32-133, 32-5811, 32-5822, 32-5823, 32-5930ii, 32-5930ee, 32-5824, 32-7402(8), 32-7402, 16-4025, 32-435(b)(7), 32-435, 32-435(b)