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Committee seeks details on capital gains exclusion, residency rules and NIIT administration
Summary
Members questioned how Vermont’s $5,000 capital gains exclusion, residency/apportionment rules and inclusion of dividends, interest and rentals would interact with a state NIIT; staff and members asked the Tax Department and Treasurer’s Office for legal and administrative guidance.
Committee members focused on implementation questions that could alter who pays a state NIIT and how much revenue it would raise.
Patrick Denton told the committee the Vermont personal income tax currently includes a capital gains exclusion that can reduce taxable income by up to $5,000 and that the exclusion’s forecasted tax expenditure for FY26 is about $18 million. He also said "about a little less than 60% of the income that is captured by the NIIT, is from capital…
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