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Ways and Means hears estate tax briefing; excess receipts routed to higher-education endowment
Summary
The Ways and Means Committee on Jan. 29 received a briefing on Vermont’s estate tax, including mechanics, recent volatile receipts and a statutory trigger that directs receipts above 125% of the forecast to the Vermont Higher Education Endowment Trust Fund for scholarships and endowment support.
The Ways and Means Committee on Thursday, Jan. 29 received a detailed briefing on Vermont’s estate tax and how recent receipts interact with FY27 budget planning.
Speaker 4 summarized how the estate tax works and contrasted federal and state rules. “Estate taxes essentially is the value of all your assets when you die and they're being passed on,” Speaker 4 said, and noted federal rules exempt the first $15,000,000 for an individual (with higher marginal rates above that) while Vermont’s statute applies only to amounts above a $5,000,000 threshold taxed at 16%.
The briefing emphasized volatility in estate-tax revenue and a statutory mechanism that directs excess funds to higher education. “So any anytime when the estate tax goes above 125% of what was forecasted, there's an automatic mechanism that sends those funds to the Vermont Higher Education Endowment…
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