Introduced by Representatives Metzger of Milton, Endres of Milton, Morrissey of Bennington and Wright of Burlington
Subject: Taxation; income tax; Social Security
Statement of purpose: This bill proposes to exclude from income taxation any Social Security distributions.
AN ACT RELATING TO INCOME TAX EXEMPTION FOR SOCIAL SECURITY
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. 32 V.S.A. § 5823(a)(8) is added to read:
§ 5823. Vermont income of individuals, estates and
(a) For any taxable year, the Vermont income of a resident individual, estate or trust is the adjusted gross income of the taxpayers for that taxable year less:
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(8) Income received under the federal Social Security Act, to the extent includible in gross income for federal income tax purposes.
Sec. 2. EFFECTIVE DATE
This act shall apply to taxable years beginning on or after January 1, 2005.
The Vermont General Assembly
115 State Street