Vermont Statutes Title 32 Sec. 5832
Terms Used In Vermont Statutes Title 32 Sec. 5832
- 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:
- Digital business entity: means a business entity that, during the entire taxable year:
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Taxable year: means the calendar year, or the fiscal year ending during the calendar year, with respect to which a tax is imposed under this chapter and, in the case of a return filed with respect to a fractional part of a year, the period with respect to which the return is filed. See
- Vermont net income: includes the allocable share of the combined net income of the group. See
- Vermont net operating loss: means any negative income after allocation and apportionment of Vermont net income pursuant to section 5833 of this chapter. See
§ 5832. Tax on income of corporations
A tax is imposed for each calendar year, or fiscal year ending during that calendar year, upon the income earned or received in that taxable year by every taxable corporation, reduced by any Vermont net operating loss allowed under section 5888 of this title, such tax being the greater of:
(1) an amount determined in accordance with the following schedule:
| Vermont net income of the corporation | Tax | |
|---|---|---|
| for the taxable year allocated or | ||
| apportioned to Vermont | ||
| under section 5833 of this title | ||
| $ | 0-10,000.00 | 6.00% |
| 10,001.00-25,000.00 | $600.00 plus 7.0% of the | |
| excess over $10,000.00 | ||
| 25,001.00 and over | $1,650.00 plus 8.5% of the | |
| excess over $25,000.00 | ||
| or | ||
(2)(A) $75.00 for small farm corporations. “Small farm corporation” means any corporation organized for the purpose of farming, which during the taxable year is owned solely by active participants in that farm business and receives less than $100,000.00 Vermont gross receipts from that farm operation, exclusive of any income from forest crops; or
(B) An amount determined in accordance with section 5832a of this title for a corporation that qualifies as and has elected to be taxed as a digital business entity for the taxable year; or
(C) For C corporations with Vermont gross receipts from $0.00-$500,000.00, the greater of the amount determined under subdivision (1) of this section or $100.00; or
(D) For C corporations with Vermont gross receipts from $500,001.00-$1,000,000.00, the greater of the amount determined under subdivision (1) of this section or $500.00; or
(E) For C corporations with Vermont gross receipts from $1,000,001.00-$5,000,000.00, the greater of the amount determined under subdivision (1) of this section or $2,000.00; or
(F) For C corporations with Vermont gross receipts from $5,000,001.00-$300,000,000.00, the greater of the amount determined under subdivision (1) of this section or $6,000.00; or
(G) For C corporations with Vermont gross receipts greater than $300,000,000.00, the greater of the amount determined under subdivision (1) of this section or $100,000.00. (Added 1966, No. 61 (Sp. Sess.), § 1, eff. Jan. 1, 1966; amended 1969, No. 144, § 10, eff. June 1, 1969; 1973, No. 270 (Adj. Sess.), § 1, eff. date, see note set out below; 1983, No. 144 (Adj. Sess.), § 3, eff. April 12, 1984; 1983, No. 144 (Adj. Sess.), § 6(b), eff. Jan. 1, 1988; 1991, No. 32, § 31, eff. May 18, 1991; 1991, No. 67, § 26c, eff. June 19, 1991; 1997, No. 60, § 73, eff. June 26, 1997; 2003, No. 152 (Adj. Sess.), §§ 3, 4, eff. June 7, 2004; 2005, No. 207 (Adj. Sess.), §§ 14, 16, eff. May 31, 2006; 2009, No. 1 (Sp. Sess.), § H.52, eff. Jan. 1, 2010; 2011, No. 143 (Adj. Sess.), § 16, eff. May 15, 2012; 2019, No. 51, § 7, eff. Jan. 1, 2019; 2021, No. 148 (Adj. Sess.), § 2, eff. January 1, 2023.)