Download this document in MS Word format
BILL AS INTRODUCED 2007-2008

AutoFill Template

S.296

Introduced by   Senator Kittell of Franklin District

Referred to Committee on

Date:

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:

(3)  The 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.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us