IRS Resources for Business Owners The IRS is reaching out with a small business initiative highlighting several tax law changes affecting business owners. Below are key items of interest. Some of the topics include: changes in depreciation/expensing, accounting methods, and the blended corporate tax rate. AIV has been asked to share these resources with our […]
Reduction in Taxable Wage Base for Unemployment Insurance Announced for 2019
On October 4, the Department of Labor announced that, beginning January 1, 2019, employers will see a reduction in the taxable wage base amount that they currently pay on unemployment taxes by $2,000. Nearly 22,600 employers remit state unemployment taxes to the Department of Labor on an annual basis. These taxes are deposited into the […]
Update on Sales Tax Exemption for Materials Used in the Construction of Manufacturing or Downtown Redevelopment
The Tax Department recently published a revised version of Technical Bulletin 09 — Sales Tax Exemption for Materials Used in the Construction of Manufacturing or Downtown Redevelopment. The law was revised in Act 157 of 2016 and but the Department had not yet updated its bulletin until now. Click here for a copy. If you […]
ACTION ALERT | Education Savings Proposal Hangs in the Balance
The primary issue holding up adjournment of the legislature is a stand-off over the Governor’s proposal to create a statewide school employee health benefit where the state would negotiate with the school employees’ unions. Local school boards would still bargain with school employees over all other compensation and benefits. It has been estimated that negotiating […]
UPDATE | Paid Family Leave Passes the House, Debate to Resume Next Year in the Senate
The House last week passed H.196, creating a paid family leave program. However, the Senate is not expected to consider the bill until next year. The House-passed version of the bill went through several changes as it was considered by the House General, Housing, and Military Affairs Committee and then the House Ways and Means […]
ACTION ALERT | Paid Family Leave Could Be Moving
As reported previously (see related post here), the House General, Housing, and Military Affairs Committee has been discussing legislation to increase the minimum wage, H.93, and create a paid family leave mandate and funding program, H.196. There has been some question as to whether the House would actually act on these bills this year. While […]
Clean Water Debate Underway
Committees of jurisdiction are beginning to review in earnest the Treasurer’s Clean Water Report (click here) outlining funding needs and options for clean water initiatives and requirements across Vermont, particularly Lake Champlain and its basin. The report looks at options for more than $25 million in funding in each of the next two years, with […]
Governor Scott’s Budget Address
The following is the press release regarding Governor Scott’s Budget Address. The text of the address and other information is linked below. For Immediate Release Tuesday, January 24, 2017 Contact: Rebecca Kelley 802-622-4047 GOVERNOR PHIL SCOTT DELIVERS FIRST BUDGET ADDRESS Presents balanced budget that makes key investments in economic development, education, housing and clean water […]
Miscellaneous Tax Bill Coming to the House Floor, Part of Nearly $50 Million in New Taxes and Fees
The Miscellaneous Tax Bill, H.873, was approved by the Ways and Means Committee and formally introduced last week. It includes several provisions raising concerns for employers, increasing “ongoing” taxes by approximately $10.5 million with an additional increase of “one-time” FY17 revenue of $3.7 million. See related posts regarding increases of particular concern, an increase the […]
Action Alert | Employer Assessment Increased Significantly in House Miscellaneous Tax Bill, H.873
The Miscellaneous Tax Bill, H.873, was approved by the Ways and Means Committee and formally introduced last week. It includes several provisions raising concerns for employers, arguably the most troubling being a significant increase and expansion of the so-called “employer assessment”, i.e. the former Catamount Tax. The changes would raise an additional $6 million in […]