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Vermont Statutes, Title 32

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Title 32, Title 32: Taxation and Finance

57 chapters · 1,078 sections in this title.

All chapters in Title 321,078 Ch 133, Chapter 133: Assessment and Collecti…134 Ch 151, Chapter 151: Income Taxes111 Ch 007, Chapter 007: The Public Monies66 Ch 129, Chapter 129: Grand Tax Lists61 Ch 017, Chapter 017: Fees and Costs56 Ch 211, Chapter 211: Corporation Taxes50 Ch 013, Chapter 013: Debts and Claims47 Ch 190, Chapter 190: Estate and Gift Taxes41 Ch 233, Chapter 233: Sales and Use Tax41 Ch 123, Chapter 123: How, Where, and to Whom…38 Ch 015, Chapter 015: Salaries and Fees36 Ch 205, Chapter 205: Cigarettes and Tobacco …36 Ch 103, Chapter 103: Department of Taxes; Co…25 Ch 003, Chapter 003: Fiscal Officers and Com…24

1,078 sections·Filtered byTitle 32✕

32 V.S.A. ch. 001, § 1 Fiscal year and biennial period
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§ 1. Fiscal year and biennial period The fiscal year shall commence on July 1 and end on June 30, but the accounts of the June terms of court shall be carried forward to the succeeding fiscal year. Each two consecutive fiscal years shall constitute a biennial period.
32 V.S.A. ch. 001, § 2 F.H.A. securities as collateral
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§ 2. F.H.A. securities as collateral Wherever collateral must or may be furnished by any depository in the State of Vermont as security for the deposit of any funds whatsoever, or wherever collateral must or may be deposited with any official of the State of Vermont pursuant to a…
32 V.S.A. ch. 001, § 3 Change in fiscal quarters authorized
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§ 3. Change in fiscal quarters authorized Whenever by law an officer, whether State, county, or municipal and whether executive or judicial, is required to pay or turn over money or make a report to the State Treasurer or any other State official, department, institution, or agen…
32 V.S.A. ch. 001, § 5 Acceptance of grants
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§ 5. Acceptance of grants (a) Definitions. As used in this section: (1) “Loan” means a loan that is interest free or below market value. (2) “State agency” means an Executive Branch agency, department, commission, office, or board. (b) Executive Branch approval. (1) Approval requ…

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32 V.S.A. ch. 001, § 6 Indirect costs

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§ 6. Indirect costs (a) All State agencies and departments shall prepare and submit to the appropriate federal agency indirect cost rate proposals for the reimbursement of departmental and statewide indirect costs unless specifically exempted in writing by the Secretary of Admini…

32 V.S.A. ch. 003, § 101 Communications to Governor and Assembly

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§ 101. Communications to Governor and Assembly The Treasurer shall prepare an annual financial report and shall submit to the Governor and either house of the General Assembly: abstracts; copies of accounts or official documents of any kind; and information relating to revenue, o…

32 V.S.A. ch. 003, § 102 Embezzlements

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§ 102. Embezzlements If the Treasurer diverts, misapplies, or conceals the public treasure, he or she shall be fined double the amount so diverted, misapplied, or concealed and shall be imprisoned not more than 10 years nor less than two years.

32 V.S.A. ch. 003, § 103 Account with successor

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§ 103. Account with successor If the Treasurer goes out of office, the Treasurer shall exhibit to the Treasurer’s successor a true and particular account of the money received and paid out since the last examination of the Treasurer’s books and accounts as provided in section 801…

32 V.S.A. ch. 003, § 104 Balance due retiring Treasurer

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§ 104. Balance due retiring Treasurer Upon such adjustment, if it appears that a balance is due to the retiring Treasurer, it shall be reported to the General Assembly and discharged as it directs.

32 V.S.A. ch. 003, § 105 Settlement upon death of Treasurer

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§ 105. Settlement upon death of Treasurer If a person dies while holding such office, the settlement provided for in sections 103 and 104 of this title shall be made with his or her executor or administrator.

32 V.S.A. ch. 003, § 106 Penalty for refusal to settle

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§ 106. Penalty for refusal to settle After demand made by the Auditor, if such retiring Treasurer refuses to exhibit and settle his or her account, he or she shall be fined $2,000.00 for each month’s refusal.

32 V.S.A. ch. 003, § 107 Books and records delivered to successor

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§ 107. Books and records delivered to successor At the time of adjusting his or her account or within 10 days after his or her term of office expires, such retiring Treasurer shall deliver to his or her successor the books of account, memorandum or registry, the bonds, bills, not…

32 V.S.A. ch. 003, § 109 Solicitations and contributions prohibited

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§ 109. Solicitations and contributions prohibited (a) As used in this section: (1) “Firm” means any person or entity that provides investment services and includes the owner of the firm, excluding those shareholders owning less than one percent holdings in the firm’s outstanding …

32 V.S.A. ch. 003, § 110 Reports

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§ 110. Reports (a) The Treasurer shall prepare and submit, consistent with 2 V.S.A. § 20(a), reports on the following subjects: (1) The Vermont Higher Education Endowment Trust Fund, pursuant to 16 V.S.A. § 2885(e). (2) [Repealed.] (3) The Trust Investment Account, pursuant to su…

32 V.S.A. ch. 003, § 111 Financial Literacy Trust Fund

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§ 111. Financial Literacy Trust Fund (a) There is hereby established and created a fund entitled the Financial Literacy Trust Fund to be administered by the State Treasurer. The purpose of the Fund is to promote the adoption of fiscally sound money management practices by Vermont…

32 V.S.A. ch. 003, § 131 Composition

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§ 131. Composition There shall be an Emergency Board to consist of the Governor, the Chair of the Senate Committee on Finance, the Chair of the Senate Committee on Appropriations, the Chair of the House Committee on Ways and Means, and the Chair of the House Committee on Appropri…

32 V.S.A. ch. 003, § 132 Chair and Secretary

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§ 132. Chair and Secretary The Governor shall be Chair, and the Secretary of Civil and Military Affairs shall be Secretary of the Board. The Secretary shall keep the minutes of each meeting of the Board in a book kept for that purpose, and such minutes shall be a public record, a…

32 V.S.A. ch. 003, § 133 Duties

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§ 133. Duties (a) The Board shall have authority to make expenditures necessitated by unforeseen emergencies and may draw on the State’s General Fund for that purpose. (b) Pursuant to section 706 of this title, the Board shall also have authority to transfer appropriations made t…

32 V.S.A. ch. 003, § 134 Insurance Reserve Fund

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§ 134. Insurance Reserve Fund The Insurance Reserve Fund is hereby created. All funds paid to the State under property insurance policies for the benefit of the State for losses to real and personal property shall be paid into the Insurance Reserve Fund. (Amended 1961, No. 64, § …

32 V.S.A. ch. 003, § 135 Use of Fund

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§ 135. Use of Fund When any building or property of the State is damaged by fire or other hazard, notwithstanding subdivision 588(4) of this title, the Board or, for amounts under $10,000.00, the Secretary of Administration, may at their discretion transfer from the Insurance Res…

32 V.S.A. ch. 003, § 161 Oath

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§ 161. Oath The Auditor shall take the oath of office prescribed by law.

32 V.S.A. ch. 003, § 163 Duties of the Auditor of Accounts

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§ 163. Duties of the Auditor of Accounts In addition to any other duties prescribed by law, the Auditor of Accounts shall: (1) Annually perform or contract for: (A) an audit of the basic financial statements of the State of Vermont; (B) the financial and compliance audits of the …

32 V.S.A. ch. 003, § 164 Certified copies

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§ 164. Certified copies The Auditor shall be a certifying officer, and a certified copy of a record or paper belonging to the Auditor’s Department or that is lodged there by law shall be admitted as evidence by the courts in any cause, civil or criminal. The Auditor shall furnish…

32 V.S.A. ch. 003, § 166 Payments to towns; returns by Commissioner of Finance and Management

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§ 166. Payments to towns; returns by Commissioner of Finance and Management On or before January 10 of each year, the Commissioner of Finance and Management shall transmit to the auditors of each town a statement showing the amount of money paid by the State to the town and the p…

32 V.S.A. ch. 003, § 167 Records to be available for audit

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§ 167. Records to be available for audit (a) For the purpose of examination and audit authorized by law, all the records, accounts, books, papers, reports, and returns in all formats of all departments, institutions, and agencies of the State, including the trustees or custodians…

32 V.S.A. ch. 003, § 168 Single Audit Revolving Fund

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§ 168. Single Audit Revolving Fund (a)(1) The Single Audit Revolving Fund is established within the State Treasury, to be administered by the Auditor of Accounts, from which payments may be made for the costs of audits performed pursuant to subdivisions 163(1), 163(2), and 5404a(…

32 V.S.A. ch. 003, § 182 Duties of Commissioner

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§ 182. Duties of Commissioner (a) In addition to the duties expressly set forth elsewhere by law, the Commissioner of Finance and Management shall: (1) Prescribe appropriate systems for all State departments and agencies to use in accounting, and each department and agency shall …

32 V.S.A. ch. 003, § 183 Financial and Human Resource Information Internal Service Fund

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§ 183. Financial and Human Resource Information Internal Service Fund (a) There is established in the Department of Finance and Management a Financial and Human Resource Information Internal Service Fund, to consist of revenues from charges to agencies, departments, and similar u…

32 V.S.A. ch. 003, § 202 Duties of Commissioner

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§ 202. Duties of Commissioner In addition to the duties expressly set forth elsewhere by law, the Commissioner of Finance and Management through the Commissioner’s Department shall: (1) perform the following duties with respect to the budget: (A) prepare an operating budget for t…

32 V.S.A. ch. 005, § 301 Department estimate and statement

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§ 301. Department estimate and statement (a) The head of every department of State, board, or commission, and any officer or individual having in charge any State activity for which funds are appropriated by the General Assembly, on or before September 1 preceding each biennium, …

32 V.S.A. ch. 005, § 302 Tabulation of estimates and statements

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§ 302. Tabulation of estimates and statements On or before November 15 preceding each biennium, the Commissioner of Finance and Management and the Secretary of Administration shall deliver to the Governor and to the Governor-elect, if they so request, statements of State accounts…

32 V.S.A. ch. 005, § 303 Delivery of estimates and statements when no Governor elected by popular vote

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§ 303. Delivery of estimates and statements when no Governor elected by popular vote In the event of no election of Governor by the voters at the November election, the Secretary of Administration shall deliver the statements and estimates provided for under this chapter to the p…

32 V.S.A. ch. 005, § 304 Preparation of budget

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§ 304. Preparation of budget (a) Upon receiving from the Secretary of Administration the statements and estimates as provided in this chapter, the Governor-elect shall immediately thereafter study and review the same and shall make such investigations as may be necessary to enabl…

32 V.S.A. ch. 005, § 305 Power to revise estimates

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§ 305. Power to revise estimates In making up the budget, the Governor-elect shall have the power to revise, increase, decrease, or eliminate the sum estimated to be needed for or by each activity hereinbefore referred to and shall include in the message dealing with the budget, …

32 V.S.A. ch. 005, § 305a Official State revenue estimate

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§ 305a. Official State revenue estimate (a) On or about January 15 and again by July 31 of each year, and at such other times as the Emergency Board or the Governor deems proper, the Joint Fiscal Office and the Secretary of Administration shall provide to the Emergency Board thei…

32 V.S.A. ch. 005, § 305b Education property tax increment; Emergency Board estimate

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§ 305b. Education property tax increment; Emergency Board estimate Annually, at the January meeting of the Emergency Board held pursuant to section 305a of this title, the Joint Fiscal Office and the Secretary of Administration shall provide to the Emergency Board a consensus est…

32 V.S.A. ch. 005, § 306 Budget report

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§ 306. Budget report (a) The Governor shall submit to the General Assembly, not later than the third Tuesday of every annual session, a budget that shall embody the Governor’s estimates, requests, and recommendations for appropriations or other authorizations for expenditures fro…

32 V.S.A. ch. 005, § 306a Purpose of the State budget

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§ 306a. Purpose of the State budget (a) The State budget, consistent with Chapter I, Article 7 of Vermont’s Constitution, should “be instituted for the common benefit, protection, and security of the people, nation, or community . . .” The State budget should be designed to addre…

32 V.S.A. ch. 005, § 307 Form of budget

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§ 307. Form of budget (a) The budget shall be arranged and classified so as to show separately the following estimates and recommendations: (1) expenses of State administration; (2) deficiencies, overdrafts, and unexpended balances in appropriations of former years; (3) bonded de…

32 V.S.A. ch. 005, § 308 General Fund Budget Stabilization Reserve; creation and purpose

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§ 308. General Fund Budget Stabilization Reserve; creation and purpose (a) It is the purpose of this section to reduce the effects of annual variations in State revenues upon the General Fund budget of the State by reserving certain surpluses in General Fund revenues that may acc…

32 V.S.A. ch. 005, § 308a Transportation Fund Budget Stabilization Reserve; creation and purpose

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§ 308a. Transportation Fund Budget Stabilization Reserve; creation and purpose (a) It is the purpose of this section to reduce the effects of annual variations in State revenues upon the Transportation Fund budget of the State by reserving certain surpluses in Transportation Fund…

32 V.S.A. ch. 005, § 308b Human Services Caseload Reserve

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§ 308b. Human Services Caseload Reserve (a) There is created within the General Fund a Human Services Caseload Reserve. Expenditures from the Reserve shall be subject to an appropriation by the General Assembly or approval by the Emergency Board. Expenditures from the Reserve sha…

32 V.S.A. ch. 005, § 308c General Fund and Transportation Fund Balance Reserves

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§ 308c. General Fund and Transportation Fund Balance Reserves (a) There is hereby created within the General Fund a General Fund Balance Reserve, also known as the “Rainy Day Reserve.” After satisfying the requirements of section 308 of this title, and after other reserve require…

32 V.S.A. ch. 005, § 308e 27/53 Reserve

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§ 308e. 27/53 Reserve (a)(1) There is hereby created within the General Fund the 27/53 Reserve. The purpose of this reserve is to meet the liabilities of the recurring 27th State payroll and the 53rd week of Medicaid payments. These liabilities will be funded by reserving a prora…

32 V.S.A. ch. 005, § 309 Capital budget report

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§ 309. Capital budget report (a) Consolidated capital budget request. In addition to the general operating budget request to be submitted by the Governor to the General Assembly pursuant to this chapter, the Governor shall submit to the General Assembly, not later than the third …

32 V.S.A. ch. 005, § 310 Form of annual capital budget and 10-year capital program plan

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§ 310. Form of annual capital budget and 10-year capital program plan (a) Each biennial capital budget request submitted to the General Assembly shall be accompanied by, and placed in the context of, a 10-year State capital program plan to be prepared, and revised annually, by th…

32 V.S.A. ch. 005, § 311 Retirement funds integrity report

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§ 311. Retirement funds integrity report (a) The Governor shall include, as a part of the annual budget report required by section 306 of this title, a statement of the extent by which the recommended appropriations to the Teachers’ Retirement Funds and to the Vermont Employees’ …

32 V.S.A. ch. 005, § 311a Public retirement benefits; unfunded liability; findings; purpose; intent

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§ 311a. Public retirement benefits; unfunded liability; findings; purpose; intent (a) Findings. The General Assembly finds: (1) The actuarially determined employer contribution (ADEC) for the Vermont State Employees’ Retirement System (VSERS) has increased by an annual growth rat…

32 V.S.A. ch. 005, § 312 Tax expenditure report

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§ 312. Tax expenditure report (a) As used in this section, “tax expenditure” shall mean the actual or estimated loss in tax revenue resulting from any exemption, exclusion, deduction, credit, preferential rate, or deferral of liability applicable to the tax. Tax expenditures shal…

32 V.S.A. ch. 005, § 314 Grant report

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§ 314. Grant report (a) Annually, beginning January 31, 2015, the Department of Finance and Management shall publish on its website a report on all grants of federal and State monies made by each Executive Branch agency in the preceding State fiscal year. The report shall be form…