VERMONT TAX STUDY

VOLUME I - Comparative Analysis

VOLUME II - Case Studies

A REPORT
under the direction of

THE LEGISLATIVE JOINT FISCAL COMMITTEE

Prepared pursuant to Act #178, Section 314 (the 1996 Appropriations Bill)

The Legislative Joint Fiscal Committee (1995-1996 Legislative Session)
Sen. Stephen W. Webster, Chair
Rep. Oreste V. Valsangiacomo, Vice Chair
Rep. Kathy Beyer
Rep. Sean P. Campbell
Rep. John S. Freidin
Sen. Robert D. Ide
Sen. Matt Krauss
Rep. Thomas A. Little
Sen. Thomas G. Macaulay
Sen. Elizabeth M. Ready

Prepared by the

LEGISLATIVE JOINT FISCAL OFFICE
Stephen A. Klein, Chief Fiscal Officer (Principal Researcher, Vol. 1)
Douglas J. Williams, Deputy Fiscal Officer (Principal Researcher, Vol. 2)
Maria Belliveau, Associate Fiscal Officer
Catherine Benham, Associate Fiscal Officer (Principal Researcher, Vol. 1)
Rebecca J. Buck, Staff Associate
Virginia Catone, Staff Associate
Sandra J. Noyes, Systems Manager (Data Production, Vol.1)
Eliza L. Barry, Consultant Research Associate (Principal Researcher, Vol. 1)
Thomas P. Ciaraldi, Consultant Research Associate (Principal Researcher, Vol. 2)

Emily Tartter, Legislative Council (Legal Review, Vol. 1)

November, 1996

TABLE OF CONTENTS

Volume I - Comparative Analysis

• EXECUTIVE SUMMARY

• 1. INTRODUCTION
  • 1.1. OVERVIEW OF STUDY ORGANIZATION
  • 1.2. EVALUATING VERMONT’S TAX SYSTEM: GOALS AND STANDARDS OF MEASUREMENT

• 2. VERMONT’S OVERALL REVENUE SOURCES AND COMPARISONS
  • 2.1. STATE REVENUES
  • 2.2. STATE AND LOCAL REVENUES

• 3. VERMONT’S REVENUE SOURCES, HISTORY AND COMPARATIVES
  • 3.1. THE GENERAL FUND
  • 3.2. INCOME TAX
  • 3.3. SALES TAX/ROOMS & MEALS TAX
  • 3.4. CORPORATE INCOME TAX
  • 3.5. EXCISE TAXES (ALCOHOLIC BEVERAGE & TOBACCO TAXES)
  • 3.6. OTHER TAXES AND REVENUES
  • 3.7. THE TRANSPORTATION FUND
  • 3.8. SPECIAL FUND REVENUES
  • 3.9. PROPERTY TAX

• 4. CONCLUSION

• APPENDIX 1 -- 1996 Vermont Study Background and Methodology

• APPENDIX 2 -- Tax Studies’ Goals and Standards

• APPENDIX 3 -- Vermont Specific Charts

• APPENDIX 4 -- National Revenue Rankings

• APPENDIX 5 -- National Rate Rankings

• APPENDIX 6 -- 12 State Comparative Data (7/1/94-6/30/95)

Volume II - Case Studies

• EXECUTIVE SUMMARY

• INTRODUCTION

• OVERVIEW OF STUDY ORGANIZATION

• SELECTION OF REPRESENTATIVE INDIVIDUAL TAXPAYERS

• SECTION ONE: SUMMARY FINDINGS - ALL TAXES

• SECTION TWO: INCOME TAX

• SECTION THREE: SALES TAX

• SECTION FOUR: SELECTED OTHER TAXES AND FEES

• SECTION FIVE: REPRESENTATIVE BUSINESS TAXPAYERS

• Appendix 1 -- Representative Individual Taxpayers: Tax Summary

• Appendix 2 -- Individual Case Study Tax Return Details

• Appendix 3 -- Miscellaneous Statistics

• Appendix 4 -- Brief Highlights of State Income Tax Law

• Appendix 5 -- Business Case Study Tax Return Details

• Appendix 6 -- Brief Description of Corporate Taxes