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Vermont
By the Numbers

Vermont Below is a snapshot of key features of Vermont's tax system. (Scroll Down)
State & Local Revenue (FY10)
  • General Revenue, Own-Source (GROS): $4.1 billion
  • General Revenue as a Share of Income: 17.0%
  • Tax Revenue: $3.0 billion
  • Tax Revenue as Share of income: 12.1%
  • Personal Income Tax (Share of Tax Revenue): 16.6% (35 out of 51)
  • Corporate Income Tax (Share of Tax Revenue): 2.9 % ( 25 out of 51)
  • Sales & Excise Tax (Share of Tax Revenue): 29.2 % ( 37 out of 51)
  • Property Tax (Share of Tax Revenue): 45.8 % ( 3 out of 51)
  • Other Taxes (Share of Tax Revenue): 3.1 % (41 out of 51)
Personal Income Tax Features (2012)
  • Range of Tax Rates: 3.55% - 8.95%
  • Standard Deduction: $5,950 ($11,900 for Married Couples)
  • Personal Exemption: $3,800
  • Dependent Exemption: $3,800
  • Earned Income Tax Credit (EITC): 32% Refundable / 25% Nonrefundable
  • Notable capital gains preference
  • Personal exemption phases out for high income levels
  • Range of tax rates falls to 3.55% - 8.95% for 2010 and thereafter
Corporate Income Tax Features (2012)
  • Range of Tax Rates: 6.00% - 8.50%
  • Income Level at Which Top Rate Applies: $25,000
  • Combined Reporting: Yes
  • Apportionment Factor (Payroll): 25%
  • Apportionment Factor (Property): 25%
  • Apportionment Factor (Sales): 50%
Sales Tax Features (2012)
  • State Sales Tax Rate: 6.00%
  • Average Local Sales Tax Rate: 0.05%
  • Average Combined State & Local Sales Tax Rate: 6.05%
  • State Sales Tax Treatment of Groceries: Exempt
  • Local Sales Tax Treatment of Groceries: Exempt
  • Number of Services Taxed: 32 out of 168 surveyed (2007)
  • Streamlined Sales Tax Membership: Full
  • Sales tax applies to digital goods and services
Property Tax Features (2012)
  • Provides a circuit breaker for homeowners and renters of all ages
  • Levies statewide uniform property tax.
Other Tax & Revenue Features (2012)
  • Gasoline Tax Rate (per gallon): $0.322
  • Diesel Tax Rate (per gallon): $0.31
  • Cigarette Tax Rate (per pack): $2.62
  • Estate or Inheritance Tax: Yes
  • Net Lottery Sales Per Capita: $147 (2010)
Tax Policy Oversight
  • Tax Expenditure Report: Yes
  • Tax Incidence Analysis Capability: Personal income tax only

Last Updated October 4, 2012

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