Committee reviews property transfer tax allocation changes after Act 181

Adam Greshin, the commissioner of Finance and Management, told the House Appropriations Committee on Jan. 14 that Budget Adjustment Act language in Section 50 reconciles differences between the main fiscal bill (Act 113) and later legislation, Act 181, which changed how the property transfer tax is allocated.

Greshin said Act 181, which passed after the fiscal bill, modified the percentages that direct portions of the property transfer tax to the general fund, the Vermont Conservation Board Trust Fund and municipal planning allocations. Because Act 181 became effective immediately and arrived after the budget was enacted, the administration drafted corrective language so the Budget Adjustment Act reflects the legislature’s intent across both bills.

Greshin described the differences as modest percentage shifts that nevertheless alter dollar allocations when large sums are involved. He gave top-of-head examples: the general fund share increasing from about 33% to about 37%, PB&R (previously 2%) becoming 1.5%, and municipal/regional planning shares shifting from roughly 17% to about 13%. He said he would send exact figures to staff for confirmation.

The administration said the section is a technical reconciliation: it does not introduce a new tax nor create a new allocation method but aligns the Budget Adjustment Act language with the allocations in Act 181. Committee members asked for and were promised the exact percentage table to be circulated with bill text.

Ending: Committee staff said they will circulate the precise percentage breakdown to members; the language in Section 50 was presented as a technical correction to match post-budget legislative action.