Introduced by Representative Branagan of Georgia
Subject: Taxation; income tax; credit for employer-assisted housing expenditures
Statement of purpose: This bill proposes to provide an income tax credit to employers who assist qualified employees with the purchase of a home. The employer-assisted housing program would provide income-eligible employees with homebuyer education and financial counseling courses and financial assistance in the purchase of an eligible home. An employer would receive an income tax credit of 50 percent of its qualified contributions to program activities and purchase money assistance. The tax credits could be sold if the employer has no income tax liability (for example, it is a tax-exempt organization) and could be carried forward for five years.
AN ACT RELATING TO TAX CREDITS FOR EMPLOYER CONTRIBUTIONS TO EMPLOYER-ASSISTED HOUSING PURCHASES
It is hereby enacted by the General Assembly of the State of Vermont:
(TEXT OMITTED IN SHORT-FORM BILLS)
The Vermont General Assembly
115 State Street