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Appropriations panel reviews temporary tax-exempt protection tied to federal changes
Summary
Legislative counsel presented draft language to temporarily freeze Vermont's treatment of tax-exempt organizations at the federal-law interpretation in effect April 1, covering state tax matters through Dec. 31 to limit year-to-year disruption if federal rules change.
Legislative counsel Kirby King told the Senate Appropriations Committee that staff drafted temporary language to protect Vermont tax treatment of organizations if federal law or its interpretation changes.
The draft would direct the Vermont Department of Taxes to apply federal law “as it was either written or interpreted as of April 1 of this year” for Vermont tax matters occurring between April 1 and Dec. 31, King said. "This is…
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