Vermont Statutes Title 32 Sec. 8522
Terms Used In Vermont Statutes Title 32 Sec. 8522
- 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.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Month: shall mean a calendar month and "year" shall mean a calendar year and be equivalent to the expression "year of our Lord. See
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. 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
§ 8522. Alternative tax
(a) A person or corporation owning or operating a telephone line or business that received in the preceding taxable year less than $50 million in annual gross operating revenues within the State may, in lieu of the tax imposed in section 8521 of this title and any income tax imposed under chapter 151 of this title, elect to pay to the State a tax equal to the percentage as set forth herein of its entire gross operating revenues from its operations within the State for the fiscal year ending June 30. Where the gross operating revenues during the quarter exceed $250.00 and do not exceed $1,250.00, the tax shall be 21/4 percent; exceed $1,250.00 and do not exceed $2,500.00, the tax shall be 21/2 percent; exceed $2,500.00, and do not exceed $5,000.00, the tax shall be 23/4 percent; exceed $5,000.00 and do not exceed $10,000.00, the tax shall be 3 percent; and the rate of tax shall be increased 1/4 of 1 percent for each additional $5,000.00 or fractional part thereof of such gross operating revenue. However, the rate shall in no event exceed 51/4 percent of the gross operating revenues.
(b) The tax imposed by this section shall be paid to the Commissioner no later than 25 days following the last day of the third, sixth, ninth, and 12th month of each taxable year.
(c) For any taxable year, a taxpayer shall give notice of its election to pay the tax imposed by this section by filing a quarterly gross receipts tax return no later than 25 days following the last day of the third month of the taxable year. No election to pay the tax imposed by this section shall be made by a taxpayer that did not make the election in the previous year. (Amended 1961, No. 118, § 2, eff. Jan. 1, 1962; 1961, No. 144, § 15; 1987, No. 210 (Adj. Sess.), § 2; 1995, No. 29, § 19, eff. Jan. 1, 1996; 2003, No. 152 (Adj. Sess.), § 10, eff. June 7, 2004.)