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BILL AS INTRODUCED 2007-2008

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H.245

Introduced by Representatives Dostis of Waterbury, Cheney of Norwich and Mitchell of Barnard

Referred to Committee on

Date:

Subject:  Taxation; income taxation; exemption of foreign service income

Statement of purpose:  This bill proposes to exempt foreign service income from Vermont income tax.

AN ACT RELATING TO INCOME TAX EXEMPTION FOR FOREIGN SERVICE INCOME

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

Sec. 1.  32 V.S.A. § 5823 is amended to read:

§ 5823.  VERMONT INCOME FOR INDIVIDUALS, ESTATES,
             AND TRUSTS

(a)  For any taxable year, the Vermont income of a resident individual is the adjusted gross income of the individual for that taxable year, and the Vermont income of a resident estate or trust is its gross income for the taxable year, less:

* * *

(8)  Pay received for full-time employment outside the United States in the United States Foreign Service.

(b)  For any taxable year, the Vermont income of a nonresident individual, estate, or trust is the sum of the following items of income to the extent they are required to be included in the adjusted gross income of the individual or the gross income of an estate or trust for that taxable year:

* * *

(7)  Pay received for full-time employment outside the United States in the United States Foreign Service.

* * *

Sec. 2.  EFFECTIVE DATE

This act shall apply to taxable years 2008 and after.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us