|BILL AS INTRODUCED||2007-2008|
Introduced by Representatives Keenan of St. Albans City, Acinapura of Brandon, Bostic of St. Johnsbury, Donovan of Burlington, Fisher of Lincoln, Heath of Westford, Hunt of Essex, Hutchinson of Randolph, Larson of Burlington, LaVoie of Swanton, Miller of Shaftsbury and Morley of Barton
Subject: Taxation; income tax credit; energy-efficient homes
Statement of purpose: This bill proposes to allow a portion of the new federal income tax credit for energy-efficient homes to pass through to the Vermont income tax as well as applying to federal income tax.
AN ACT RELATING TO PASS-THROUGH OF A PORTION OF THE FEDERAL CREDIT FOR ENERGY-EFFICIENT HOMES
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. 32 V.S.A. § 5822(d) is amended to read:
taxpayer shall be entitled to a credit against the tax imposed under this
section of 24 percent of each of the credits allowed against the taxpayer's
federal income tax for the taxable year as follows: elderly and permanently
totally disabled credit, investment tax credit,
and child care and
dependent care credits, and credits under sections of the Internal Revenue
Code as indicated:
(1) energy-efficient new homes under Section 45L;
(2) nonbusiness energy-efficient property under Section 25C; and
(3) residential energy-efficient property under Section 25D.
Sec. 2. EFFECTIVE DATE
This act shall apply to taxable years beginning on or after January 1, 2007.
The Vermont General Assembly
115 State Street