|BILL AS INTRODUCED||2007-2008|
Introduced by Representative Howard of Rutland City
Subject: Taxation; income taxation; development credit
Statement of purpose: This bill proposes to create an income tax credit for a purchaser of blighted or condemned property who develops that property.
AN ACT RELATING TO INCOME TAX CREDIT FOR REDEVELOPMENT OF BLIGHTED OR CONDEMNED PROPERTY
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. 32 V.S.A. § 5930xx is added to read:
INCOME TAX CREDIT FOR DEVELOPMENT OF BLIGHTED
OR CONDEMNED REAL PROPERTY
A taxpayer shall be entitled to a credit against the tax imposed under this chapter in the amount of four percent of the costs paid in the taxable year by the taxpayer which relate directly to redevelopment of Vermont real property purchased by the taxpayer within the taxable year or the prior taxable year, which at the time of purchase was designated by a government agency as blighted or condemned. This income tax credit shall be in addition to any other income tax credit available under this title, or any other provision of law.
Sec. 2. EFFECTIVE DATE
This act shall apply to taxable years 2008 and after.
The Vermont General Assembly
115 State Street