Title 32, Title 32: Taxation and Finance

§ 7443. Estate tax reduction for estate of a farmer The amount of tax determined under section 7442a of this chapter on an estate that qualifies for installment payment of estate taxes under 26 U.S.C. § 6166, and in which the closely held business is the business of farming in Ve…

§ 7444. Return by executor (a) An executor shall submit a Vermont estate tax return to the Commissioner, on a form prescribed by the Commissioner, when a decedent has an interest in property with a situs in Vermont and one or both of the following apply: (1) a federal estate tax …

§ 7445. Copies of federal estate tax returns to be filed It shall be the duty of the executor of every person who may die a resident of Vermont or a nonresident with real estate or tangible personal property having an actual situs in Vermont to file with the Commissioner a duplic…

§ 7446. When returns to be filed The estate tax return required under section 7444 of this title shall be filed within nine months of the death of the decedent. Prior to expiration of the filing period, executors may apply for a six-month extension. (Added 1969, No. 269 (Adj. Ses…

§ 7447. When tax payable The tax imposed by this subchapter shall be due and payable by the executor at the time the Vermont estate tax return is required to be filed under section 7446 of this title, without extension. (Added 1969, No. 269 (Adj. Sess.), § 1, eff. date, see note …

§ 7448. Extension of time for payment (a) If the Commissioner finds that the payment on the due date of any part of the amount determined by the executor as the tax imposed by this subchapter would result in undue hardship to the estate, he or she may extend the time for payment …

§ 7449. Probate Division to send Commissioner notice of estate The Probate Division shall send to the Commissioner by mail at the time of granting letters of administration in any estate and upon forms to be furnished by the Commissioner the name of the decedent, the date of his …

§ 7450. Powers and duties of executor or administrator appointed for nonresident When real or personal estate within Vermont or any interest therein belonging to a person who is not a resident of Vermont shall pass by will or otherwise so that it may be subject to tax under the p…

§ 7451. Appointment of resident administrator for nonresident’s estate In the absence of administration in Vermont upon the estate of a nonresident, the Commissioner may, at the request of an executor or administrator duly appointed and qualified in the state of the decedent’s do…

§ 7452. Personal liability of recipient of property; effect of transfer of property to bona fide purchaser, etc If the estate taxes imposed by this subchapter are not paid when due, then the spouse, transferee, trustee, surviving tenant, person in possession of the property by re…

§ 7453. Reimbursement of person other than executor paying tax (a) If the tax or any part thereof imposed by this subchapter is paid by, or collected out of, that part of the estate passing to, or in possession of, any person other than the executor in his or her capacity as such…

§ 7454. Discharge of executor; income tax clearance; notice of proceedings in court (a) Upon the final settlement of the account of an administrator, executor, or trustee, the Probate Division of the Superior Court shall make the amount of estate taxes imposed by this chapter a p…

§ 7460. Generation-skipping transfers (a) As used in this section, unless the context indicates otherwise: (1) “Generation-skipping transfer” means every transfer subject to the federal generation-skipping transfer tax in which the original transferor is a resident of the State a…

§ 7470. Administration of chapter The Commissioner shall administer and enforce this chapter. (Added 1969, No. 269 (Adj. Sess.), § 1, eff. date, see note under § 7401 of this title.)

§ 7471. Regulations The Commissioner may adopt, prescribe, and from time to time alter and amend and enforce reasonable rules, orders, and regulations for the purpose of implementing this title. (Added 1969, No. 269 (Adj. See.), § 1, eff. date, see note under § 7401 of this title…

§ 7472. Abatement of tax liabilities The Commissioner may, upon making a record of his or her reasons therefor, waive, reduce, or compromise any of the taxes, penalties, or interest or other amounts provided in this chapter. (Added 1969, No. 269 (Adj. Sess.), § 1, eff. date, see …

§ 7473. Allocation of payments (a) Any payment received by the Commissioner from any taxpayer with respect to a tax liability of the taxpayer may be applied to any tax liability in the following order of priority, notwithstanding any direction by the taxpayer to the contrary: (1)…

§ 7474. Inconsistent provisions Notwithstanding any provisions of the statutes of this State to the contrary, no person or other taxpayer, and no item of gift or of an estate, shall be exempt from taxation under this chapter unless the person or other taxpayer or item of gift or …

§ 7476. 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 b…

§ 7477. 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 7476 of this title, the Commissioner may petition a judge of th…

§ 7478. Examination of records and witnesses The Commissioner, for the purpose of ascertaining the correctness of any return or for the purpose of making a determination of the tax liability of any taxpayer, may examine or cause to be examined by any agent or representative desig…

§ 7479. Supplemental information; changes in federal tax liability or in taxable gifts or estate (a) If, after the time for filing any return required by this chapter, a taxpayer: (1) becomes aware of any information that makes that return materially false, inaccurate, or incompl…

§ 7480. Form and verification of returns The returns required to be filed under this chapter shall be in such form and manner as the Commissioner prescribes in order to ensure payment of the taxes imposed by this chapter and shall be filed at the main office of the Department of …

§ 7481. Extension of time for filing of returns For good cause shown, the Commissioner may extend the time within which a taxpayer is required to file a return. An extension of the time in which to file a return will result in a corresponding extension of the time for the payment…

§ 7483. Method of payment All tax liabilities imposed by this chapter may be paid pursuant to section 3110 of this title. A tax liability may be paid with uncertified check, but if an uncertified check is not honored by the bank on which it is drawn, the taxpayer shall remain lia…

§ 7486. Time limitation on notices of deficiency and assessment of penalty and interest (a) The Commissioner may notify a taxpayer of a deficiency with respect to the payment of any tax liability, or assess a penalty or interest with respect thereto, in accordance with sections 3…

§ 7487. Determination of deficiency, penalty, or interest Upon receipt of a notice of deficiency or assessment of penalty or interest under sections 3202 and 3203 of this title, the taxpayer may, within 60 days after the date of the notice or assessment, petition the Commissioner…

§ 7488. Refunds; petitions for refunds (a) At any time within three years after the date a return is required to be filed under this chapter, or six months after a refund was received from the United States with respect to an estate or gift tax liability, or an amount of taxable …

§ 7489. Procedure for hearings by Commissioner; appeals (a) Any hearing granted by the Commissioner under section 7487 or 7488 of this title shall be subject to and governed by 3 V.S.A. chapter 25. (b) Any aggrieved taxpayer may, within 30 days, appeal a determination by the Comm…

§ 7490. Payment and collection of deficiencies and assessments; jeopardy notices (a) Upon notification to a taxpayer of any deficiency, and upon assessment against the taxpayer of any penalty or interest, under sections 3202 and 3203 of this title, the amount of the assessment sh…

§ 7491. Remedy exclusive; determination final (a) The exclusive remedy of a taxpayer with respect to the refund of monies paid in connection with a return filed under this chapter shall be the petition for refund provided under section 7488 of this title and the appeal from an ad…

§ 7492. Determination of taxable gifts or estate and gift and estate tax liability under the laws of the United States For purposes of this chapter, a taxpayer’s taxable gifts or taxable estate or gift or estate tax liability under the laws of the United States shall be determine…

§ 7493. Tax a debt to the State Any tax liability imposed by this chapter becomes, from the time the tax liability is due and payable, a debt of the taxpayer to the State to be recovered in an action on this title. (Added 1969, No. 269 (Adj. Sess.), § 1, eff. date, see note under…

§ 7494. Action to collect taxes; limitations Action may be brought by the Attorney General of the State at the instance of the Commissioner in the name of the State to recover the amount of the tax liability of any taxpayer, if the action is brought within six years after the dat…

§ 7495. Levy for nonpayment When all or any portion of a tax liability imposed by this chapter is not paid within 60 days after it becomes collectible under section 7490 of this title, the Commissioner may issue a warrant under the Commissioner’s hand and official seal directed t…

§ 7496. Liability for failure or delinquency An individual, fiduciary, or officer or employee of any corporation, or partner or employee of any partnership who, with intent to evade any requirement of this chapter or any lawful requirement of the Commissioner hereunder, fails to …

§ 7497. Tax liability as property lien (a) If any corporation, partnership, individual, trust, or estate required to pay or remit any tax liability under this chapter neglects or refuses to pay it in accordance with this chapter after notification or assessment thereof under sect…