The bill H.933 proposes significant changes to Vermont's tax laws, primarily aimed at enhancing tax credits and streamlining administrative processes. A key provision is the repeal of the restriction on tax credits for S corporations, allowing these entities to access credits previously unavailable. The property transfer tax is also amended to impose a higher rate of 3.4 percent on residential property transfers that will not serve as the principal residence of the transferee. Additionally, the bill introduces new requirements for local assessing officials regarding the fair market value determination and adjusts the municipal grand list stabilization program to compensate municipalities affected by property loss due to flooding.

Further amendments include increasing the threshold for requiring a Vermont estate tax return from $2,750,000 to $5,000,000, and introducing new provisions for the Down Payment Assistance Program, which will allow for increased credit allocations over the next several fiscal years. The bill also shifts key tax-related deadlines from April to January, modifies appraisal dates for personal property, and allows for expert assistance in property appraisals. Moreover, it establishes a decennial study of Vermont State taxes to analyze historical trends and issues related to tax flight and avoidance. Overall, the bill aims to align state tax regulations with federal opportunities, enhance financial assistance programs, and improve the efficiency of tax processes.

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)