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BILL AS INTRODUCED 2007-2008

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H.827

Introduced by Representatives Andrews of Rutland City, Courcelle of Rutland City, Howard of Rutland City and McCormack of Rutland City

Referred to Committee on

Date:

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:

(c)  The 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.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us