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Senate Appropriations weighs H.933: decoupling federal changes, expanding credits and technical fixes
Summary
Senate Appropriations reviewed H.933, a broad miscellaneous tax bill that would decouple several federal HR1 provisions for Vermont, expand and rework several tax credits (including increasing an R&D credit), extend the Health IT fund, and fund a 10-year tax study.
The Senate Appropriations Committee on April 20 examined H.933, a comprehensive miscellaneous tax bill that would make technical fixes and policy changes across Vermont tax law, including targeted decoupling from federal tax changes enacted by HR1.
Presenter (Speaker 3) said the bill runs nearly 70 sections and includes housekeeping moves and substantive policy items. ‘‘Section 1 repeals the denial of tax credits for S corporations paying taxes to other states, aligning their treatment with partnerships and LLCs,’’ the presenter explained, calling it a corrective ‘‘cleanup.’’ He described sections that let the Department of Taxes look through certain transfers to apply a higher property-transfer rate when buyer attestations or landlord-certificate work-arounds are used.
The measure lets the Department of Environmental Resources (EDR) step in to value portions of parcels for…
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