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BILL AS INTRODUCED 2007-2008

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H.285

Introduced by Representative Pearson of Burlington

Referred to Committee on

Date:

Subject:  Taxation; income tax; repeal of capital gains rates

Statement of purpose:  This bill proposes to repeal the capital gains deduction.

AN ACT RELATING TO REPEAL OF CAPITAL GAINS DEDUCTION

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

Sec. 1.  32 V.S.A. § 5811(21)(B) is amended to read:

(21)  “Taxable income” means federal taxable income:

* * *

(B)  Decreased by the following items of income (to the extent such income is included in federal adjusted gross income):

(i)  income from United States government obligations; and

(ii)  40 percent of adjusted net capital gain income as defined in Section 1(h) of the Internal Revenue Code.

Sec. 2.  EFFECTIVE DATE

This act shall apply to taxable years 2007 and after.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us