Terms Used In Vermont Statutes > Title 32 > Chapter 151 > Subchapter 11J - Vermont Downtown and Village Center Tax Credit Program

• Department: means the Vermont Department of Taxes. See
• following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
• Individual: means a natural person. See
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Municipality: shall include a city, town, town school district, incorporated school or fire district or incorporated village, and all other governmental incorporated units. 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 building: means a building built at least 30 years before the date of application, located within a designated downtown, village center, or neighborhood development area, which, upon completion of the project supported by the tax credit, will be an income-producing building not used solely as a single-family residence. 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
• Qualified project: means a qualified code improvement, qualified façade improvement, or qualified historic rehabilitation project as defined by this subchapter. See
• 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
• 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