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House approves package of income tax exemptions, credits and military retirement exclusion; sends amendments to Senate
Summary
The Vermont House voted to propose amendments to Senate Bill 51, a package of tax changes that expands refundable credits, raises retirement-income exemptions and creates a small veteran tax credit; the House recorded 142 yes votes to advance the measure to the Senate.
Rep. Kimball, the member from Woodstock and the Ways and Means Committee's reporter, presented a strike‑all amendment to Senate Bill 51 on behalf of the committee and asked the House to propose the committee's changes to the Senate.
The amendment would rename S.51 “an act relating to Vermont income tax exclusions and tax credits,” expand several refundable tax credits, raise income thresholds for certain retirement income exemptions, broaden a military retirement exemption and establish a $250 refundable Vermont veteran tax credit for low‑income veterans.
"Tax credits are an important part of that system," Rep. Kimball said, describing the committee's effort to both raise revenue where needed and target relief to low‑ and moderate‑income Vermonters. The Ways and Means Committee reported the strike‑all amendment with a supportive committee vote and posted a fiscal note dated May 5 on the Joint…
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