Vermont Statutes Title 32 Sec. 7442a
Terms Used In Vermont Statutes Title 32 Sec. 7442a
- Federal gross estate: means the gross estate as determined under the laws of the United States. See
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
- Vermont taxable estate: means the federal taxable estate as provided under 26 U. See
§ 7442a. Imposition of a Vermont estate tax and rate of tax
(a) A tax is hereby imposed on the transfer of the estates of decedents as prescribed by this chapter.
(b) The tax shall be computed as follows. The following rates shall be applied to the Vermont taxable estate:
Amount of Vermont Taxable Estate Rate of Tax
Under $5,000,000.00 None
$5,000,000.00 or more 16 percent of the
excess over
$5,000,000.00
The resulting amount shall be multiplied by a fraction not greater than one, where the numerator of which is the value of the Vermont gross estate plus the value of gifts under subdivision 7402(14)(C) of this title with a Vermont situs, and the denominator of which is the federal gross estate plus the value of gifts under subdivision 7402(14)(C) of this title.
(c) All values shall be as finally determined for federal estate tax purposes.
(d) [Repealed.] (Added 1979, No. 140 (Adj. Sess.), § 1; amended 1995, No. 29, § 11, eff. April 14, 1995; 2001, No. 140 (Adj. Sess.), § 12, eff. June 21, 2002; 2009, No. 1 (Sp. Sess.), § H.31; 2009, No. 160 (Adj. Sess.), § 33a; 2015, No. 146 (Adj. Sess.), § 2, eff. Jan. 1, 2016; 2017, No. 73, § 8, eff. Jan. 1, 2016; 2017, No. 113 (Adj. Sess.), § 189; 2019, No. 71, § 5, eff. Jan. 1, 2020; 2019, No. 71, § 6, eff. Jan. 1, 2021.)