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Finance Committee reviews proposed Vermont NIIT; billers, thresholds and school construction funding debated
Summary
The Finance Committee heard a Joint Fiscal Office briefing on a proposed state net investment income (NIIT) or "wealth proceeds" tax, with staff estimating between roughly $46 million and $59.6 million in additional annual revenue depending on thresholds and inclusions; members pressed for implementation details and whether proceeds can be dedicated to school construction.
The Finance Committee on Feb. (date not specified) took a detailed briefing from Patrick Denton of the Joint Fiscal Office on a proposal to impose a state net investment income tax, sometimes described in the meeting as a "wealth proceeds" tax, and on options for dedicating the revenue to school construction.
Denton summarized data from Verus (2022), saying, "So in Vermont, there's about 12,000 people who exceed those thresholds, have this investment income and are paying the federal net investment, income tax." He said revenue is concentrated among higher-income filers: taxpayers with adjusted gross income above $1…
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