Introduced by Representative Cross of Winooski
Subject: Education; nonresidential property charge; capital construction; University of Vermont; Vermont state colleges
Statement of purpose: This bill proposes to assess a charge on nonresidential property to pay for public school construction and for deferred maintenance at Vermont public colleges.
AN ACT RELATING TO A SCHOOL CONSTRUCTION CHARGE ON NONRESIDENTIAL PROPERTY
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. SCHOOL CONSTRUCTION CHARGE ON NONRESIDENTIAL
In fiscal years 2006 through 2010, a charge of $0.05 per $100.00 shall be assessed on nonresidential property. The charge shall be assessed, collected, enforced and remitted to the commissioner of taxes in the same manner as the nonresidential property tax imposed under 32 V.S.A. § 5402(a)(1).
Sec. 2. USE OF FUNDS RAISED BY THE SCHOOL CONSTRUCTION
In fiscal years 2006 through 2010, of the funds raised by the charge on nonresidential property as required under Sec. 1 of this act:
(1) Funds not in excess of $12 million shall be deposited into the general fund and shall be appropriated as follows:
(A) one‑quarter for payment of public school construction costs pursuant to 16 V.S.A. § 3448;
(B) one‑quarter for technical center construction and new equipment costs pursuant to 16 V.S.A. § 3448e;
(C) one‑quarter for payment to the University of Vermont for the purpose of paying for building maintenance projects that have been deferred due to lack of funds; and
(D) one‑quarter for payment to the Vermont state colleges for the purpose of paying for building maintenance projects that have been deferred due to lack of funds.
(2) Funds in excess of $12 million shall be deposited into the education trust fund.
The Vermont General Assembly
115 State Street