|BILL AS INTRODUCED||2007-2008|
Introduced by Committee on Government Operations
Subject: Taxation; delinquent tax penalties; grace periods
Statement of purpose: This bill proposes to: (1) allow the legislative body of a municipality to establish collection commissions, grace periods, and graduated commission schedules for collection of taxes; and (2) require the Vermont economic development authority to offer short‑term loans for working capital in the small business loan program with an interest rate of three percent to businesses adversely affected by the weather.
AN ACT RELATING TO DELINQUENT TAX PENALTIES
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. 32 V.S.A. § 1674(3) is amended to read:
(3) For all taxes collected after the expiration of the time established in the notice required by section 4772 or 4792 of this title, the legislative body may adopt, or the voters of a municipality may adopt by a majority vote of the municipality’s members present and voting at an annual or special meeting:
(A) The percent of the amount of the tax collected that shall be charged as a commission, provided that the adopted percent does not exceed eight percent.
(B) A grace period or graduated commission schedule for taxes paid within a defined time frame after the established time of payment.
Sec. 2. LOAN ASSISTANCE FROM THE VERMONT ECONOMIC
The Vermont economic development authority shall offer short‑term loans for working capital with an interest rate of three percent in the small business loan program to businesses adversely affected by the weather.
Sec. 3. SUNSET
This act shall be repealed on July 1, 2008 at which time subdivision 1674(3) of Title 32 shall revert to the language effective prior to the effective date of this act.
Sec. 4. EFFECTIVE DATE
This act shall take effect upon passage and shall apply retroactively to January 1, 2007.
The Vermont General Assembly
115 State Street