|BILL AS INTRODUCED||2007-2008|
Introduced by Senator Scott of Washington District, Senator Cummings of Washington District and Senator Doyle of Washington District
Subject: Taxation; PILOT; minimum 65 percent payment
Statement of purpose: This bill proposes to make state payments in lieu of taxes at a minimum of 65 percent of full tax payments.
AN ACT RELATING TO STATE PAYMENTS IN LIEU OF TAXES
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. 32 V.S.A. § 3709 is amended to read:
§ 3709. PILOT SPECIAL FUND
(a) There is hereby established a PILOT special fund consisting of local option tax revenues paid to the treasurer pursuant to 24 V.S.A. § 138. This fund shall be managed by the commissioner of taxes pursuant to subchapter 5 of chapter 7 of this title. Notwithstanding subdivision 588(3) of this title, all interest earned on the fund shall be retained in the fund for use in meeting future obligations. The fund shall be exclusively for payments required under subchapter 4 of chapter 123 of this title, state payment in lieu of property taxes. The commissioner of finance and management may draw warrants for disbursements from this fund in anticipation of receipts.
(b) If the PILOT special fund is insufficient to pay the full amount of all payments in lieu of taxes under subchapter 4 of this chapter, payments, after application of the cap in subsection 3703(c) of this title, shall be reduced proportionately, but to no less than 65 percent of full tax payment.
Sec. 2. EFFECTIVE DATE
This act shall take effect July 1, 2008.
The Vermont General Assembly
115 State Street