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Senate Finance removes farm-income tax deduction from H.484 and validates administrative rule
Summary
Senate Finance amended H.484 to strike a provision providing Vermont income tax deductions for certain farm partner income and capital gains, and instead validated an administrative rule enabling its continued application; the committee set effective dates for parts of the bill and recorded the vote as 4-0-3.
Senate Finance on May 23, 2025 amended H.484 to remove a statutory tax deduction provision for certain partner income and net capital gains from farm sales and to validate an administrative rule that allows a Department rule to remain in effect even though it had not completed formal publication.
Michael Graves, speaking to the committee, said the amendment strikes the section that would have provided…
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