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BILL AS INTRODUCED 2007-2008

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H.646

Introduced by   Representative Komline of Dorset

Referred to Committee on

Date:

Subject:  Taxation; education property tax; maximum payment

Statement of purpose:  This bill proposes to limit education property tax to a maximum of ten percent of household income.

AN ACT RELATING TO TEN PERCENT HOUSEHOLD INCOME LIMIT ON EDUCATION PROPERTY TAX

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

Sec. 1.  32 V.S.A. § 6066(a)(3) and (b) are amended to read:

(3)  a claimant whose household income does not exceed $47,000.00 shall also be entitled to an additional adjustment amount equal to the amount by which the property taxes for the municipal fiscal year which began in the taxable year upon the claimant's housesite, reduced by the adjustment amount determined under subdivisions (1) and (2) of this subsection, exceeds a percentage of the claimant's household income for the taxable year as follows:

If household income (rounded to                       then the taxpayer is      

the nearest dollar) is:                             entitled to credit for the that income:                                                      reduced property tax in

                                                                                    excess of this percent of

                        $0 - 9,999.00                                                               2.0

            $10,000.00 - 24,999.00                                                           4.5

            $25,000.00 - 47,000.00                                                           5.0

            $47,001.00 or more                                                               10.0

In no event shall the credit exceed the amount of the reduced property tax.

(b)  An eligible claimant who rented the homestead on the last day of the taxable year, whose household income does not exceed $47,000.00, and who submits a certificate of rent constituting property taxes shall be entitled to a credit against the claimant's tax liability under chapter 151 of this title equal to the amount by which the rent constituting property taxes upon the claimant's housesite exceeds a percentage of the claimant's household income for the taxable year as follows:

If household income (rounded to                       then the taxpayer is                   the nearest dollar) is:                                         entitled to credit for rent                                                                                    constituting property

                                                                                    tax paid in excess of this                                                                                    percent of that income:

                        $0 - 9,999.00                                                               2.0

            $10,000.00 - 24,999.00                                                           4.5

            $25,000.00 - 47,000.00                                                           5.0

            $47,001.00 or more                                                               10.0

In no event shall the credit exceed the amount of the rent constituting property tax.

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