|BILL AS INTRODUCED||2007-2008|
Introduced by Senator Kittell of Franklin District
Subject: Taxation; education property tax; property tax adjustment; early payment discount
Statement of purpose: This bill proposes to allow early payment discounts to apply to property tax adjustment amounts.
AN ACT RELATING TO EARLY PAYMENT DISCOUNTS ON EDUCATION PROPERTY TAX
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. 32 V.S.A. § 6066a(f)(3) is amended to read:
property tax adjustment amount determined for the taxpayer shall be allocated
first to current-year property tax on the homestead parcel, next to
current-year homestead parcel penalties and interest, next to any prior year
homestead parcel penalties and interest, and last to any prior year property
tax on the homestead parcel. No adjustment shall be allocated to a property tax
liability for any year after the year for which the claim or refund allocation
was filed. If the property tax adjustment amount exceeds the amount allocated
under this subsection, the municipality shall refund the excess to the
taxpayer, without interest, within 20 days of the first date upon which taxes
become due and payable or 20 days after notification by the commissioner of
education, whichever is later.
No municipal tax-reduction incentive for
early payment of taxes shall apply to any amount allocated to the property tax
bill under this chapter.
Sec. 2. EFFECTIVE DATE
This act shall apply to property tax adjustments applicable to property tax years which begin in state fiscal year 2009 or after.
The Vermont General Assembly
115 State Street