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H.872

Referred to Committee on Commerce

Date:

Subject:  Taxation; income tax credit; energy-efficient homes

Statement of purpose:  This bill proposes to allow a portion of the new federal income tax credit for energy-efficient homes to pass through to the Vermont income tax as well.

AN ACT RELATING TO PASS-THROUGH OF A PORTION OF THE FEDERAL CREDIT FOR ENERGY-EFFICIENT HOMES

It is hereby enacted by the General Assembly of the State of Vermont:

Sec. 1.  32 V.S.A. § 5822(d) is amended to read:

(d)  A taxpayer shall be entitled to a credit against the tax imposed under this section of 24 percent of each of the credits allowed against the taxpayer’s federal income tax for the taxable year as follows:  elderly and permanently totally disabled credit, investment tax credit, and child care and dependent care credits, and credits under sections of the Internal Revenue Code as indicated:  energy‑efficient new homes under Section 45L, nonbusiness energy-efficient property under Section 25C, and residential energy-efficient property under Section 25D.

Sec. 2.  EFFECTIVE DATE

This act shall apply to taxable years beginning on or after December 31, 2007.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us