By: Matt Getty and Ron Morgan The Vermont State Senate is considering a bill, S.67, that would extend the scope of the Property Transfer Tax to apply to the sale of 50% or more of a corporation or other legal entity that owns real property in Vermont. Currently, the Property Transfer Tax is imposed on […]
Tax
Vermont Estate Tax Legislation
By: Matthew Getty New legislation (H.231) has been introduced in the Vermont House of Representatives to increase the Vermont estate tax exclusion to $5.75 million by 2022. The text and status of the bill can be found here: https://legislature.vermont.gov/bill/status/2020/H.231. The Vermont exclusion would remain separate from the federal exclusion, which is currently $11.4 million per […]
Short-Term Rentals and the Vermont Meals and Rooms Tax
By: Matthew Getty Winter is, indeed, coming, but nearly every season in Vermont attracts tourists (Mud Season and Black Fly Season excepted). Many people, both Vermonters and out-of-staters, own vacation properties that are rented for short periods of time in order to offset the cost of ownership. Recent years have seen an increase in such […]
How Vermont Business Owners Can Begin Planning NOW for the New Federal “Pass Through Entity Income Tax Deduction” under Section 199A
By: Ron Morgan Effective for tax years from 2018 through 2025, new Internal Revenue Code Section 199A generally provides for a deduction of 20% of “qualified business income” received from sole proprietorships or so-called “pass through” entities (partnerships, limited liability companies, and S corporations). The deduction does not apply to W-2 income that you receive […]