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BILL AS INTRODUCED 2007-2008

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H.10

Introduced by Representative Fitzgerald of St. Albans City

Referred to Committee on

Date:

Subject:  Taxation; property tax; railroads

Statement of purpose:  This bill proposes to repeal the franchise tax on railroad businesses and, instead, to tax property owned by a railroad business.

AN ACT RELATING TO TAXATION OF RAILROAD PROPERTY

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

Sec. 1.  REPEAL

Subchapter 2 of chapter 211 of Title 32 (franchise tax on railroads) is repealed.

Sec. 2.  32 V.S.A. § 3803 is amended to read:

§ 3803.  Exemptions from local taxation

Except as otherwise provided, the following property shall not be set in the grand list to the owner thereof:

(1)  real and personal estate used in operating a railroad, and appraised under sections 8281-8286, 8301-8306, 8321-8322, of this title including the section of the North Stratford, New Hampshire to Beecher Falls, Vermont


railroad line owned by the state of New Hampshire and situated in the town of Canaan exempted from taxation under section 8286 of this title;

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Sec. 3.  EFFECTIVE DATE

This act shall apply to grand lists for April 1, 2007, and after.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us