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Ways & Means reviews renter credit increase, homeowner rebate cut and three reversions
Summary
The Department of Taxes briefed the committee on budget adjustments including a proposed increase in the renter credit from $9.5 million to $11 million and a $1.5 million reduction in the homeowner rebate, plus three reversions tied to operating costs and timing of IT invoices.
The Ways & Means committee heard an overview of several budget-adjustment items from the Department of Taxes, including a proposed increase to the renter credit and a reduction in the homeowner rebate. Andrew Stein, the department’s chief operating officer, said the renter credit is rising "because the program is indexed for inflation, both the credit amounts and income thresholds," and cited contact with the Vermont State Housing Authority about housing assistance changes.
Stein told…
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