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Committee reviews proposal to mirror federal net investment income tax at state level
Summary
The committee examined language to levy a Vermont investment‑proceeds (net investment income) tax modeled on the federal NII tax. Patrick Tutin (JFO) explained the tax would apply to net investment income or MAGI amounts above statutory thresholds and listed included income and explicit exclusions (wages, Social Security, retirement plan withdrawals, municipal bond interest).
The Ways & Means Committee also considered a proposal to adopt a Vermont investment‑proceeds tax patterned on the federal net investment income (NII) tax. Patrick Tutin of the Joint Fiscal Office told members the draft mirrors the federal approach to defining net investment income but uses a different rate in committee discussion (4% in the draft language referenced, compared with the federal 3.8% rate).
How it would work: the tax would apply to the lesser of a taxpayer’s net investment income or the amount their modified adjusted gross income (MAGI) exceeds…
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