Terms Used In Vermont Statutes > Title 32 > Chapter 151 > Subchapter 11 - Financial Services Development Tax Credit

• Apportioned ratio: means the revenue from assets under management or other investment business for non-Vermont residents who are unrelated persons, divided by the total revenue from assets under management or other investment business for unrelated persons during the tax year. See
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Commissioner: means the Commissioner of Taxes appointed under section 3101 of this title or any officer or employee of the Department authorized by the Commissioner (directly or indirectly by one or more redelegations of authority) to perform the functions mentioned or described in this chapter. See
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Corporation: means any business entity subject to income taxation as a corporation, and any entity qualified as a small business corporation, under the laws of the United States, with the exception of the following entities that are exempt from taxation under this chapter:

• Department: means the Vermont Department of Taxes. See
• following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
• Individual: means a natural person. See
• Investment company: means any person registered under the Federal Investment Company Act of 1940 (the Act) or a company that would be required to register as an investment company under the Act except that such person is exempt to such registration pursuant to Section 3(c)(1) of the Act. See
• Investment management: means the provision of investment management, research, distribution, or administration services to or on behalf of an investment company, including trustees, and sponsors or participants of employee benefit plans that have accounts in an investment company, or to or on behalf of an investment advisor. See
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: shall include an individual, firm, partnership, association, joint stock company, corporation, trust, estate, or other entity. See
• Qualified payroll expense: means compensation for performance by the qualified person's employees related to investment advisor, investment management, or investment company services in Vermont. See
• Qualified person: means any corporation, partnership, limited liability company, sole proprietor, or trust primarily engaged in business as an investment advisor and registered as such with the Federal Securities Exchange Commissions or primarily engaged in investment management, or an investment company. See
• tax liability: includes the liability for all amounts owing by a taxpayer to the State of Vermont under this chapter. See
• Taxpayer: means a person obligated to file a return with or pay or remit any amount to this State under this chapter. See
• Unrelated persons: means any person other than the person claiming the credit under this section, or his or her spouse, parent, child, or sibling. See
• Vermont income tax liability: means for an individual, the taxpayer's Vermont income tax liability as determined under this chapter multiplied by the percentage of the taxpayer's adjusted gross income from sources defined in subsection (a) of this section; and for a corporation, the taxpayer's Vermont tax liability as determined under this chapter multiplied by the percentage of the taxpayer's Vermont net income from sources defined in subsection (a) of this section. See
• Vermont net income: includes the allocable share of the combined net income of the group. See