Introduced by Representatives Condon of Colchester, Allaire of Rutland City, Atkins of Winooski, Audette of S. Burlington, Baker of West Rutland, Clark of Vergennes, DePoy of Rutland City, Helm of Castleton, Houston of Ferrisburgh, McFaun of Barre Town, Molloy of Arlington, Obuchowski of Rockingham, Parent of St. Albans City and Zuckerman of Burlington
Subject: Taxation; income tax; National Guard trust fund checkoff
Statement of purpose: This bill proposes to add a line to the Vermont income tax return for a National Guard trust fund checkoff.
AN ACT RELATING TO NATIONAL GUARD TRUST FUND INCOME TAX RETURN CHECKOFF
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. 20 V.S.A. § 1607 is added to read:
§ 1607. VERMONT NATIONAL GUARD TRUST FUND; ESTABLISHED
(a) The Vermont National Guard trust fund is hereby established in the state treasury for the purpose of providing financing to needy families of Vermont National Guard members for shelter, food, medical services, and any other item of basic needs, based on rules adopted by the Vermont adjutant general.
(b) The fund shall be composed of revenues generated by the Vermont National Guard trust fund checkoff pursuant to 32 V.S.A. § 5862e. Proceeds from grants, donations, contributions, appropriations, and any other source of revenue that may be provided by statute or rule may be deposited in the fund.
(c) Interest earned on the fund and any remaining balance shall be retained in the fund. The department shall maintain records indicating the amount of money in the fund at any time.
(d) All monies received by or generated by the fund shall be used only for the purpose described in subsection (a) of this section.
Sec. 2. 32 V.S.A. § 5862e is added to read:
§ 5862e. VERMONT National Guard Trust Fund Checkoff
Returns filed by individuals shall include, on a form prescribed by the commissioner of taxes, an opportunity for the taxpayer to designate funds to the National Guard trust fund, and this checkoff program shall be administered subject to the same requirements as those prescribed for the children's trust fund in section 5862b of this title, except that the funds shall be deposited into the National Guard trust fund.
The Vermont General Assembly
115 State Street