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BILL AS INTRODUCED 2007-2008

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H.242

Introduced by Representative Howrigan of Fairfield

Referred to Committee on

Date:

Subject:  Taxation; property tax adjustment; exclusion of veterans’ benefits from household income

Statement of purpose:  This bill proposes to exclude veterans’ benefits from household income in the property tax adjustment calculation.

AN ACT RELATING TO EXCLUSION OF VETERANS’ BENEFITS FROM PROPERTY TAX ADJUSTMENT CALCULATION

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

Sec. 1.  32 V.S.A. § 6061(5) is amended to read:

(5)  “Modified adjusted gross income” means “federal adjusted gross income”:

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(B)  with the addition of the following, to the extent not included in adjusted gross income: alimony, support money other than gifts, gifts received by the household in excess of a total of $6,500.00 in cash or cash-equivalents, cash public assistance and relief (not including relief granted under this subchapter), cost of living allowances paid to federal employees, allowances received by dependents of servicemen and women, the portion of Roth IRA distributions representing investment earnings and not included in adjusted gross income, railroad retirement benefits, payments received under the federal Social Security Act, and all benefits under Veterans’ Acts, and federal pension and annuity benefits not included in adjusted gross income; nontaxable interest received from the state or federal government or any of its instrumentalities, workers’ compensation, the gross amount of “loss of time” insurance, and the amount of capital gains excluded from adjusted gross income, less the net employment and self-employment taxes withheld from or paid by the individual (exclusive of any amounts deducted to arrive at adjusted gross income or deducted on account of excess payment of employment taxes) on account of income included under this section, less any amounts paid as child support money if substantiated by receipts or other evidence that the commissioner may require; and

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Sec. 2.  EFFECTIVE DATE

This act shall apply to property tax adjustment claims filed in 2008 and after.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us