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:
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.
The Vermont General Assembly
115 State Street