The House and Senate conference committee negotiating a final version of S.53 reached an agreement for the bill addressing corporate income tax reform. Both chambers have now passed the final bill and we are now awaiting the Governor’s action. The bill includes the most impactful provision, adopting single sales factor apportionment, that had been removed […]
Clarification and Expansion of the Sales Tax Exemption for Manufacturing Machinery and Equipment Near Final Passage in the Legislature
Clarification and expansion of Vermont’s sales tax exemption for manufacturing machinery and equipment, another long standing tax priority for AIV, is near final passage in the Legislature. Provisions addressing several shortcomings in Vermont’s current law were included by the Senate Finance Committee in this year’s technical tax bill, H.738. Although this legislation traditionally addresses technical […]
Potential Increases in Fossil Fuel Costs Fails in Close Veto Override Vote, But Issue Won’t Go Away
The House on Tuesday narrowly sustained the Governor’s veto of H.715, which would have directed the Public Utility Commission (PUC) to develop Clean Heat Standard rules. Under the Clean Heat Standard, sellers of heating oil, propane, kerosene, natural gas, and coal would have to reduce greenhouse gas emissions attributable to the Vermont thermal sector by […]
$100 Million Increase in UI Costs Over Coming Years Included in “Economic Development” Bill
The recently passed final conference report for S.11, which became the latest and last vehicle for attaching a wide range of economic development and other provisions (see post on these provisions here), includes provisions to arbitrarily increase UI benefits over the coming years, ultimately adding a total of $100 million in new costs that will […]
Corporate Tax Reform: Setback for Manufacturers, but Opportunities Remain
The Senate Finance Committee this Thursday delivered a setback to corporate tax reform benefiting Vermont-based manufacturers and other exporters of goods. However, AIV continues to work toward enacting these reforms this year, and engagement by Vermont employers will be very important in achieving this goal. The Committee has been working on S.53. The House passed […]
Clarification and Expansion of Manufacturing Machinery and Equipment Sales Tax Exemption Back on the Table?
The Senate Finance Committee Thursday revisited legislation passed by the House last year, H.437, that includes an important provision clarifying and expanding Vermont’s sales tax exemption for manufacturing machinery and equipment. This has been a long-standing priority for AIV. Although the Committee only had a preliminary review of H.437 this week, it is hoped that […]
UI Cost Increases Under Consideration
The Senate Economic Development, Housing, and General Affairs Committee is expected after next week’s Town Meeting Week break to return to legislation, S.221, that would increase unemployment benefits by $100 million over the coming years. This would include more than $90 million directly from the UI Trust Fund, resulting in corresponding increases in UI taxes […]
Updated Guidance and Resources from the IRS
Reminder for Farming Businesses: March 1 Tax Deadline The IRS reminds those with income from a farming or fishing business to file and pay their entire tax due on or before Tuesday, March 1, 2022, if they did not make estimated tax payments. Click here. IRS Launches New Resource Webpage with Latest Details and Information […]
Updated Guidance and Resources from the IRS
Tax relief for employer leave-based donation programs that aid victims of the COVID-19 pandemic The IRS extended the tax relief provided in Notice 2020-46 for calendar year 2021 for employers whose employees forgo sick, vacation or personal leave because of the COVID-19 pandemic. Click here for more. Avoid these errors when requesting advance payments of […]
UI Contribution Rate and Maximum Weekly Benefit Amount Increases
The Vermont Department of Labor Unemployment Insurance program has announced that the state’s UI contribution rate will index up to Tax Schedule III and the maximum Weekly Benefit Amount (WBA) will increase to $583 per week. Both changes take effect today, July 1, 2021, and are in accordance with existing state statute.