Terms Used In Vermont Statutes > Title 32 > Chapter 151 > Subchapter 11M - Machinery and Equipment Investment Tax Credit

• Affiliated group: means a group of two or more corporations in which more than 50 percent of the voting stock of each member corporation is directly or indirectly owned by a common owner or owners, either corporate or noncorporate, or by one or more of the member corporations, but shall exclude foreign corporations and corporations taxable under 8 V. See
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Commissioner: means the Commissioner of Taxes appointed under section 3101 of this title or any officer or employee of the Department authorized by the Commissioner (directly or indirectly by one or more redelegations of authority) to perform the functions mentioned or described in this chapter. See
• 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
• Investment period: means the period commencing January 1, 2010 and ending December 31, 2014. See
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Personal property: All property that is not real property.
• Qualified capital expenditures: means expenditures properly chargeable to a capital account by a qualified taxpayer during the investment period, totaling at least $20 million for machinery and equipment to be located and used in Vermont for creating, producing, or processing tangible personal property for sale. See
• Qualified taxpayer: means a taxpayer that:

• 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
• Unitary business: means one or more related business organizations engaged in business activity both within and outside the State among which there exists a unity of ownership, operation, and use or an interdependence in their functions. See
• Vermont net income: includes the allocable share of the combined net income of the group. 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