Appendix 3

Table 3

VERMONT CORPORATE INCOME TAX RATES

Major Tax Law Changes

Year

Rate

Notes

1931

2%

Of net income

1947

4%

$25 minimum

1955

5%


1965


Name changed from corporate franchise to net income

1969

6%


1974

5-7.5%

$50 minimum

1984

6-9%

$75 minimum (rates effective 1/1/84)

1988

5.5-8.25%

Rates effective 1/1/88

1989


Investment and holding companies limited to minimum tax

1991


$150 minimum (except small farm corps. still $75), eliminated net operating loss (NOL) carryback refunds

1993


No carryback refunds reinstituted at maximum $5,000/year for loss years 1993 and 1994; eliminated for loss years after 1994