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BILL AS INTRODUCED 2007-2008

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H.388

Introduced by Representative Johnson of Canaan

Referred to Committee on

Date:

Subject:  Taxation; education property tax; refund of overtaxation

Statement of purpose:  This bill proposes to refund to education property taxpayers the amount of tax overpaid in 2006 and 2007 as a result of inadequate general fund transfers to the education fund.

AN ACT RELATING TO EDUCATION PROPERTY TAX REFUNDS FOR 2006 AND 2007

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

Sec. 1.  REFUND OF EDUCATION PROPERTY TAXES FOR 2006 AND
 2007

The commissioner of taxes shall refund to each education property taxpayer the amount of education property taxes overpaid in 2006 and 2007 as a result of general fund transfers to the education fund in fiscal years 2006 and 2007 which did not meet the requirements of 16 V.S.A. § 4025(a)(2).  Refund amounts shall be calculated as a percentage of education property tax paid by the taxpayer in each of those years.  The percentages for the 2006 and 2007 refund calculations shall be determined by the commissioner of finance and management, using the last joint fiscal office education fund balance sheet estimates in each of those years of the cost of reducing the education property tax rates by one cent, and dividing the general fund transfer shortfall in each of those years by that joint fiscal per-penny estimate.  There is appropriated from the general fund in fiscal year 2008 the amount of $ 7.2 million to the commissioner of taxes for education property tax refunds under this provision.  If this appropriation is insufficient to pay the refunds as required by this section, the additional revenue shall be appropriated from the general fund to the commissioner of taxes in the general assembly’s budget adjustment of the fiscal year 2008 budget.  Any amounts appropriated for the purposes of this section shall be ignored in calculating the general fund transfer amount under 16 V.S.A. § 4025(a)(2) for fiscal year 2009.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us