Vermont Statutes Title 32 Sec. 5888
Terms Used In Vermont Statutes Title 32 Sec. 5888
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Court: means a Superior Court or the Judicial Bureau. See
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Refund: means any individual's State income tax refund under chapter 151 of this title and any payment due a claimant under chapter 154 of this title. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
- tax liability: includes the liability for all amounts owing by a taxpayer to the State of Vermont under this chapter. See
- Taxable income: means , in the case of an individual, federal adjusted gross income determined without regard to 26 U. 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
- Taxpayer: means a person obligated to file a return with or pay or remit any amount to this State under this chapter. 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
§ 5888. Determination of taxable income and income tax liability under the laws of the United States
For purposes of this chapter, a taxpayer‘s taxable income or income tax liability under the laws of the United States shall be determined by reference to the judicial decisions and administrative rulings of the United States.
(1) A determination by the United States that establishes the amount of a taxpayer’s taxable income or income tax liability under the laws of the United States for any taxable year shall be binding on the taxpayer and the State in calculating the taxpayer’s liability to Vermont under this chapter. As used in this section, “determination by the United States” means:
(A) a decision by the Tax Court of the United States or a judgment, decree, or other order by any U.S. court of competent jurisdiction that has become final;
(B) a closing agreement under 26 U.S.C. § 7121; or
(C) an agreement executed under 26 U.S.C. § 1313(a)(4).
(2) For any taxable year, the payment to the United States by any taxpayer of an aggregate amount of income tax, whether by withholding or otherwise; whether under a claim of deficiency, demand or otherwise; and whether under protest or otherwise, shall be prima facie evidence, for purposes of this chapter, that such aggregate amount, less any refunds received by the taxpayer from the United States with respect to his or her income tax payments for that year, constitutes the income tax liability of the taxpayer for that taxable year under the laws of the United States, and that the items of income, deductions, exemptions, and credits with respect to which the income tax liability was calculated are the items of income, deductions, exemptions, and credits of the taxpayer for that taxable year under the laws of the United States.
(3) For purposes of this section, the affidavit of any U.S. District Director of Internal Revenue that a taxpayer:
(A) has paid a specified aggregate amount of income tax;
(B) has received a specified amount of refund with respect to the taxpayer’s income tax payments; or
(C) has paid any amount of tax calculated with respect to specified items of income, deductions, exemptions, or credits, shall be prima facie evidence of the truth of those matters set forth in the affidavit.
(4) Notwithstanding any other provision of law:
(A) Any adjustments made to basis or deductions taken under the laws of the United States in connection with the claiming of a federal tax credit shall also be made for the calculation of Vermont tax, whether or not such federal credit is available to the taxpayer in the determination of the amount of the taxpayer’s Vermont tax.
(B) The amount of any Vermont net operating loss shall be available to a taxpayer as a carryforward in the 10 years following the loss year. (Added 1966, No. 61 (Sp. Sess.), § 1, eff. Jan. 1, 1966; amended 1971, No. 73, § 22, eff. April 16, 1971; 1983, No. 206 (Adj. Sess.), § 2, eff. April 26, 1984; 1985, No. 262 (Adj. Sess.), § 4, eff. June 4, 1986; 1991, No. 32, § 33, eff. May 18, 1991; 1993, No. 89, § 13; 2005, No. 207 (Adj. Sess.), § 17, eff. May 31, 2006; 2021, No. 105 (Adj. Sess.), § 541, eff. July 1, 2022.)