Title 32, Taxation and Finance

§ 5882. 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 section 32…

§ 5883. Determination of deficiency, refund, or assessment Upon receipt of a notice of deficiency, of denial or reduction of a refund claim, or of assessment of penalty or interest under section 3203 of this title, the taxpayer may, within 60 days after the date of mailing of the…

§ 5884. Refunds; petitions for refunds (a) At any time within three years after the date a return is required to be filed under this chapter, six months from the date a tax liability is paid or offset, or six months after a refund was received from the United States with respect …

§ 5885. Procedure for hearings by Commissioner; appeals (a) Any hearing granted by the Commissioner under section 5883 or 5884 of this title shall be subject to and governed by 3 V.S.A. chapter 25. (b) Any aggrieved taxpayer may, within 30 days after a determination by the Commis…

§ 5886. 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…

§ 5887. 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 5884 of this title and the appeal from an ad…

§ 5888. Determination of taxable income and income tax liability under the laws of the United States For purposes of this chapter, a taxpayer’s taxable income or income tax liability under the laws of the United States shall be determined by reference to the judicial decisions an…

§ 5891. 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 1966, No. 61 (Sp. Sess.), § 1, eff. Jan. 1, 1966.)

§ 5892. Action to collect taxes; limitations (a) 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…

§ 5893. 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 5886 of this title, the Commissioner may issue a warrant under his or her hand and official seal directed to the sh…

§ 5894. Liability for failure or delinquency (a) Failure to supply information. 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…

§ 5895. Tax liability as property lien (a)(1) 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 s…

§ 5901. Consent to use or disclosure of information (a) Any return of the tax imposed by this chapter, other than a declaration of estimated tax required by this chapter, which is prepared by a person other than the taxpayer, shall contain a written declaration, under the penalti…

§ 5902. Persons preparing returns A person shall be fined not more than $1,000.00 or imprisoned for not more than one year, or both, if he or she receives any information furnished by a taxpayer to enable such person to prepare or have prepared for such taxpayer a return of the t…

§ 5903. Exceptions Section 5902 of this title shall not apply to a disclosure of information if such disclosure is made: (1) pursuant to subdivision 3102(d)(4) of this title; or (2) pursuant to an order of a court. (Added 1971, No. 251 (Adj. Sess.), § 2, eff. July 1, 1972; amende…

§ 5910. Definitions; federal conformity (a) As used in this subchapter: (1) “C corporation” means a corporation that is not an S corporation. (2) “Code” means the Internal Revenue Code of 1986, as amended and as applicable to the taxable period; references to sections of the Code…

§ 5911. Taxation of an S corporation and its shareholders (a) An S corporation shall not be subject to the tax imposed by section 5832 of this title, except to the extent of income taxable to the corporation under the provisions of the Internal Revenue Code. (b) For the purposes …

§ 5913. Part-year residence For purposes of this subchapter, if a shareholder of an S corporation is both a resident and nonresident of Vermont during any taxable period, the shareholder’s pro rata share of the S corporation’s income attributable to Vermont and income not attribu…

§ 5914. Returns and mandatory payments (a) An S corporation that engages in activities in Vermont that would subject a C corporation to the requirement to file a return under section 5862 of this title shall file with the Commissioner an annual return, in the form prescribed by t…

§ 5915. Minimum tax An S corporation that is subject to the provisions of section 5914 of this title shall pay an annual tax of $250.00 to the Commissioner of Taxes on or before the due date prescribed for the filing of S corporation returns under subsection 6072(b) of the Intern…

§ 5920. Returns and mandatory payments (a) A partnership or limited liability company, which engages in activities in Vermont that would subject a C corporation to the requirement to file a return under section 5862 of this title, shall file with the Commissioner an annual return…

§ 5921. Minimum tax A partnership or a limited liability company that is taxed as a partnership under the Internal Revenue Code and is subject to the provisions of section 5920 of this title shall pay an annual tax of $250.00 to the Commissioner of Taxes on or before the due date…

§ 5922. Financial services development tax credit (a) Definitions. As used in this subchapter: (1) “Qualified person” means any corporation, partnership, limited liability company, sole proprietor, or trust primarily engaged in business as an investment advisor and registered as …

§ 5930aa. Definitions As used in this subchapter: (1) “Qualified applicant” means an owner or lessee of a qualified building involving a qualified project but does not include a State or federal agency or a political subdivision of either or an instrumentality of the United State…

§ 5930bb. Eligibility and administration (a) Qualified applicants may apply to the State Board to obtain the tax credits provided by this subchapter for a qualified project at any time before the completion of the qualified project. (b) To qualify for any of the tax credits under…

§ 5930cc. Downtown and Village Center Program tax credits (a) Historic rehabilitation tax credit. The qualified applicant of a qualified historic rehabilitation project shall be entitled, upon the approval of the State Board, to claim against the taxpayer’s State individual incom…

§ 5930dd. Claims; availability (a) A taxpayer claiming credit under this subchapter shall submit to the Department of Taxes with the first return on which a credit is claimed a copy of the State Board’s tax credit allocation. (b) A credit under this subchapter shall be available …

§ 5930ee. Limitations Beginning in fiscal year 2010 and thereafter, the State Board may award tax credits to all qualified applicants under this subchapter, provided that: (1) the total amount of tax credits awarded annually, together with sales tax reallocated under section 9819…

§ 5930ff. Recapture If, within five years after completion of the qualified project, either of the following events occurs, the applicant shall be liable for a recapture penalty in an amount equal to the total tax credit claimed plus an amount equal to any value received from a b…

§ 5930ii. Research and development tax credit (a) A taxpayer of this State shall be eligible for a credit against the tax imposed under this chapter in an amount equal to 27 percent of the amount of the federal tax credit allowed in the taxable year for eligible research and deve…

§ 5930ll. Machinery and equipment tax credit [Applicable to taxable years beginning on and after January 1, 2012 and repealed effective July 1, 2030] (a) Definitions. As used in this subchapter: (1) “Full-time job” means a permanent position filled by an employee who works at lea…

§ 5930nn. Recently deployed veteran tax credit (a) A qualified employer shall be eligible for a nonrefundable credit against the income tax liability imposed under this chapter in an amount equal to $2,000.00 for each new full-time employee hired after May 24, 2011 but on or befo…

§ 5930u. Tax credit for affordable housing (a) Definitions. As used in this section: (1) “Affordable housing project” or “project” means: (A) a rental housing project identified in 26 U.S.C. § 42(g); or (B) owner-occupied housing identified in 26 U.S.C. § 143 (c)(1) or that quali…

§ 5931. Short title This subchapter may be cited as the Vermont Setoff Debt Collection Act. (Added 1981, No. 228 (Adj. Sess.), § 1, eff. May 4, 1982.)

§ 5932. Definitions As used in this chapter: (1) “Claimant agency” means any unit of State government, including agencies, departments, boards, commissions, authorities, or public corporations, including the Vermont Student Assistance Corporation and a collection agency under con…

§ 5933. Collection of debts through setoff (a) A claimant agency may submit any debt of $45.00 or more to the Department for collection under the procedure established by this chapter. This setoff debt collection remedy is in addition to and not in substitution for any other reme…

§ 5934. Procedure for setoff (a) Annually, on or before a date specified by the Department, a claimant agency shall supply the Department with information necessary to identify each debtor whose refund is sought to be set off and shall certify in writing the amount of each debt s…

§ 5935. Joint returns (a) With respect to State income tax refunds under chapter 151 of this title and renter credit payments due a claimant under chapter 154 of this title, when the Department transfers funds payable on a joint return to a claimant agency and only one of the spo…

§ 5936. Hearing procedure (a) If a debtor applies in writing for a hearing before a claimant agency within 30 days of the date of mailing of the notice described in subsection 5934(c) of this chapter, the claimant agency shall conduct a hearing to determine the validity and amoun…

§ 5937. Priorities in claims to setoff (a) Priority in multiple claims to refunds allowed to be set off under the provisions of this chapter shall be in descending order of magnitude. (b) Notwithstanding the priority set forth in subsection (a) of this section, the Department may…

§ 5938. Collection assistance fees Annually, the Department shall determine the actual per-offset costs incurred by the Department in setting off debts and, notwithstanding section 502 of this title, the Department may assess against a debtor a collection assistance fee equal to …

§ 5939. Confidentiality exemption; nondisclosure (a) Notwithstanding any other provision of law prohibiting disclosure by the Department of the contents of taxpayer records or information and notwithstanding any confidentiality statute of any claimant agency, disclosure of the na…

§ 5940. Rules and regulations The Commissioner of Taxes and the head of any claimant agency are authorized to prescribe forms and make procedural rules and regulations under 3 V.S.A. chapter 25 that they deem necessary to effectuate the purposes of this subchapter, to include ide…

§ 5941. Procedure for setoff of court judgments (a) The court shall include in any judgment a notice that any unpaid amount of a fine, penalty, surcharge, or fee, but not damages, may be certified to the Department for a setoff on the judgment debtor’s income tax refund and prope…

§ 5942. Offset for taxes owed in another state; reciprocity (a) Upon the request and certification of a tax officer of a claimant state to the Commissioner that a taxpayer owes taxes to the claimant state and that the debt is fixed and no longer subject to appeal under the laws o…

§ 5951. Definitions; general provisions (a) As used in this subchapter, all terms defined in 10 V.S.A. § 6602 shall have the same meaning that they have for purposes of 10 V.S.A. chapter 159. (b) To the extent that they are not in conflict with the provisions of this section, the…