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Tax department warns refundable machinery-and-equipment credit would create general-fund exposure; St. Johnsbury manufacturer urges refundable change
Summary
Deputy Commissioner Rebecca Samaroff told Senate Finance that converting the existing machinery-and-equipment investment credit into a refundable corporate credit would be unconventional in Vermont and could cost at least $500,000 annually; Weidman (St. Johnsbury) said tax-code changes left it unable to use previously awarded nonrefundable credits and asked S.312 to be refundable to realize the benefit.
The Senate Finance Committee on Feb. 11 heard competing views on S.312, a bill that would affect a machinery-and-equipment investment tax credit. Rebecca Samaroff, deputy commissioner of the Vermont Department of Taxes, told senators converting the credit to a refundable corporate credit would be "unconventional" because Vermont currently has no refundable corporate credits and that the refundable component creates direct general-fund exposure.
"As drafted, I would say a minimum of $500,000 a year outlay from the general fund would be available for folks that meet the eligibility requirements for this credit," Samaroff said, explaining that carryforwards or a mixed…
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