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Finance committee weighs second‑home levy, meals surcharge and wealth‑proceeds tax to fund school construction
Summary
Committee members reviewed multiple revenue proposals to fund a school construction special fund: a second‑home tax/ classification, a 2% meals-and‑rooms surcharge (estimated ~$58.5M in 2027), an individual income surcharge and a ‘wealth‑proceeds’ tax modeled on the federal net investment income tax; members asked for actuarial and Joint Fiscal Office analysis.
Members of the Bennett Finance Committee on Jan. 27 discussed a package of tax proposals intended to raise money for school construction and to address imminent pressure on the Education Fund.
Sponsor Kirby introduced two school‑construction measures and other presenters walked members through companion revenue bills. Kirby said Vermont’s school‑building portfolio is aging and costly: he cited 2024 operation and maintenance expenses of $200,453,779 and outstanding school district debt of about $480,000,000, and said the state will need a sustained funding source for capital projects.
What the bills would do: the proposals on the table include (1) a new property‑tax classification that would raise the rate on…
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