Vermont Statutes Title 32 Sec. 5930cc
Terms Used In Vermont Statutes Title 32 Sec. 5930cc
- Individual: means a natural person. See
- Qualified applicant: means an owner or lessee of a qualified building involving a qualified project but does not include a State or federal agency or a political subdivision of either or an instrumentality of the United States. See
- Qualified code improvement project: means a project:
- Qualified expenditures: means construction-related expenses of the taxpayer directly related to the project for which the tax credit is sought but excluding any expenses related to a private residence. See
- Qualified Flood Mitigation Project: means any combination of structural and nonstructural changes to a building located within the flood hazard area as mapped by the Federal Emergency Management Agency that reduces or eliminates flood damage to the building or its contents. See
- Qualified historic rehabilitation project: means an historic rehabilitation project that has received federal certification for the rehabilitation project. 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
- State Board: means the Vermont Downtown Development Board established pursuant to 24 Vt. 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
- Village: shall mean an incorporated village. See
§ 5930cc. Downtown and Village Center Program tax credits
(a) Historic rehabilitation tax credit. The qualified applicant of a qualified historic rehabilitation project shall be entitled, upon the approval of the State Board, to claim against the taxpayer‘s State individual income tax, corporate income tax, or bank franchise or insurance premiums tax liability a credit of 10 percent of qualified rehabilitation expenditures as defined in 26 U.S.C. § 47(c), properly chargeable to the federally certified rehabilitation.
(b) Façade improvement tax credit. The qualified applicant of a qualified façade improvement project shall be entitled, upon the approval of the State Board, to claim against the taxpayer’s State individual income tax, State corporate income tax, or bank franchise or insurance premiums tax liability a credit of 25 percent of qualified expenditures up to a maximum tax credit of $25,000.00.
(c) Code improvement tax credit. The qualified applicant of a qualified code improvement project shall be entitled, upon the approval of the State Board, to claim against the taxpayer’s State individual income tax, State corporate income tax, or bank franchise or insurance premiums tax liability a credit of 50 percent of qualified expenditures up to a maximum tax credit of $12,000.00 for installation or improvement of a platform lift, a maximum credit of $60,000.00 for the installation or improvement of a limited use or limited application elevator, a maximum tax credit of $75,000.00 for installation or improvement of an elevator, a maximum tax credit of $50,000.00 for installation or improvement of a sprinkler system, and a maximum tax credit of $50,000.00 for the combined costs of all other qualified code improvements.
(d) Flood Mitigation Tax Credit. The qualified applicant of a qualified flood mitigation project shall be entitled, upon the approval of the State Board, to claim against the taxpayer’s State individual income tax, State corporate income tax, or bank franchise or insurance premiums tax liability a credit of 50 percent of qualified expenditures up to a maximum tax credit of $75,000.00. (Added 2005, No. 183 (Adj. Sess.), § 12; amended 2013, No. 199 (Adj. Sess.), § 11; 2015, No. 57, § 72, eff. June 11, 2015; 2019, No. 71, § 4; 2021, No. 105 (Adj. Sess.), § 548, eff. July 1, 2022; 2021, No. 182 (Adj. Sess.), § 10, eff. July 1, 2022.)