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Committee reviews H.479 amendments: first-generation credit sunset, down‑payment assistance extended; 1% short‑term rental tax removed
Summary
Cameron Wood, Office of Legislative Counsel, walked the House Health and Housing committee through amendments to H.479 on Wednesday, describing a Ways and Means change that would sunset a VHFA first‑generation home‑buyer tax credit after five years and extend down‑payment assistance tax credits; Appropriations later proposed substituting an amendment that strips the bill’s appropriations and removes a municipal 1% short‑term rental tax.
Cameron Wood of the Office of Legislative Counsel briefed the House Health and Housing committee Wednesday on two amendments to H.479, the committee’s omnibus housing bill, and the Appropriations Committee’s recommendation to substitute its amendment for the Ways and Means report.
Wood told the committee the Ways and Means amendment makes two substantive changes: it extends the existing down‑payment assistance tax credit for five years, through fiscal 2031, and it would add a five‑year sunset to the newly proposed Vermont Housing Finance Agency (VHFA) first‑generation home buyer tax credit. “The first generation home‑buyer tax credit did not have an expiration as it came out of this committee. Ways and Means was proposing to put a sunset on that of five years,” Wood said. He also said the Ways and Means amendment removes a section that would have given municipalities authority to impose an additional 1% tax on short‑term rentals, and it adjusts effective dates tied to…
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