|BILL AS INTRODUCED||2007-2008|
Introduced by Representative Pearson of Burlington
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):
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.
The Vermont General Assembly
115 State Street