|BILL AS INTRODUCED||2007-2008|
Introduced by Representatives Andrews of Rutland City, Courcelle of Rutland City, Howard of Rutland City and McCormack of Rutland City
Subject: Taxation; education property tax; credit to town for abatement of education tax liability
Statement of purpose: This bill proposes to allow credit to towns for abatement of education property taxes.
AN ACT RELATING TO REIMBURSEMENT TO TOWNS FOR ABATEMENT OF EDUCATION PROPERTY TAXES
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. 32 V.S.A. § 5402(c) is amended to read:
treasurer of each municipality shall by December 1 of the year in which the tax
is levied and on June 1 of the following year pay to the state treasurer for
deposit in the education fund one-half of the municipality’s statewide
nonresidential tax and one-half of the municipality’s homestead education tax,
as determined under subdivision (b)(1) of this section minus one-half of any
education property tax abated by the municipality in accordance with 24 V.S.A.
§ 1535. The commissioner of education shall determine the municipality’s
net nonresidential education tax payment
, and its net homestead
education tax payment to the state, and payment shall be accompanied by a
return prescribed by the commissioner of education. The municipality may
retain one-eighth of one percent of the total education tax collected, only
upon timely remittance of net payment to the state treasurer.
The Vermont General Assembly
115 State Street