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BILL AS INTRODUCED 2007-2008

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H.606

Introduced by Representative Chen of Mendon

Referred to Committee on

Date:

Subject:  Taxation; education property tax; property tax adjustment; ineligibility of claimant with more than $50,000.00 in interest, dividends, and capital gain income

Statement of purpose:  This bill proposes to provide that a claimant with more than $50,000.00 in interest, dividends, and capital gain income will be ineligible for a property tax adjustment.

AN ACT RELATING TO PROPERTY TAX ADJUSTMENT INELIGIBILITY

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

Sec. 1.  32 V.S.A. § 6067 is amended to read:

§ 6067.  CREDIT PROPERTY TAX ADJUSTMENT LIMITATIONS

(a)  Only one individual per household per taxable year shall be entitled to a benefit eligible for an adjustment under this chapter.

(b)  An individual who received a homestead exemption or adjustment with respect to property taxes assessed by another state for the taxable year shall not be entitled eligible to receive an adjustment under this chapter.

(c)  No taxpayer shall receive total adjustments under this chapter in excess of $8,000.00 related to any one property tax year.

(d)  A claimant shall not be eligible for a property tax adjustment under this chapter if the claimant's household income in the taxable year includes more than $50,000.00 from:

(1)  interest and dividends subject to Vermont personal income tax; plus

(2)  capital gain subject to Vermont personal income tax, without regard to any reduction under subdivision 5811(21)(B) of this title; plus

(3)  interest from, and dividends attributable to, Vermont state and local obligations and United States government obligations; plus

(4)  any trust or other distributions attributable to interest, dividends, or capital gain income described in subdivision (1), (2), or (3) of this subsection.

Sec. 2.  EFFECTIVE DATE

This act shall apply to claims filed in 2009 and after.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us