|BILL AS INTRODUCED||2007-2008|
Introduced by Representative Fitzgerald of St. Albans City
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Subchapter 2 of chapter 211 of Title 32 (franchise tax on railroads) is repealed.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
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Sec. 3. EFFECTIVE DATE
This act shall apply to grand lists for April 1, 2007, and after.
The Vermont General Assembly
115 State Street