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Rep. Bosland urges tax relief for victims of financial scams in Ways & Means hearing
Summary
A Vermont lawmaker and a constituent described how seniors who lose retirement funds to scams can end up owing taxes and higher Medicare premiums; Representative Michelle Bosland introduced a short-form bill (H115) and committee members agreed to coordinate with the tax advocate and attorney general's office.
Representative Michelle Bosland, who represents the Windham-3 District, introduced a short-form bill at the Ways & Means Committee hearing on Feb. 7 intended to provide tax relief to victims of financial scams.
Bosland said the bill’s purpose is “to provide tax relief to victims of financial scams,” and described a pattern in which retirees who have funds stolen then face state and federal tax bills on money they no longer possess. “When retirement accounts are liquidated, victims not only lose their funds, but then they end up owing taxes on this money that has been stolen from them,” Bosland said.
The measure, filed as H115 on the committee’s agenda, is intended to address what Bosland called a growing problem for older Vermonters. She told the committee that recent reporting documented about 50 Vermonters who lost…
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