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Senate Finance considers delaying retroactive tax change on qualified small-business stock
Summary
Deputy Commissioner Rebecca told the Senate Finance Committee the miscellaneous tax conformity package decouples Vermont from a federal exclusion for qualified small-business stock and urged moving the effective date from tax year 2025 to 2026 to avoid retroactive taxpayer burdens and give the department time to implement new return checks.
Deputy Commissioner Rebecca, speaking for the Department of Taxes, told the Senate Finance Committee that a provision in the miscellaneous tax conformity package decouples Vermont from a federal exclusion for qualified small-business stock and, as written, would make that previously excluded federal income taxable in Vermont.
"This federal excluded income will become taxable in Vermont," Rebecca said, and noted the provision was drafted to be retroactive to tax year 2025. She argued the department and taxpayers would benefit if…
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