Vermont Reports & Information

NEWS & MEDIA

The Latest News from CTJ's Tax Justice Blog

• State News Quick Hits: Pushback on Tax Cuts as Job Creators, and More - 05/2013
• Mid-Session Update on State Gas Tax Debates - 04/2013
• Earned Income Tax Credits in the States: Recent Developments, Good and Bad - 03/2013



ITEP in the News

• VT Digger: Hoffman- Who pays? - 02/2013
• Times Argus: Jack Hoffman- Who pays? - 02/2013
• Burlington Free Press: Who pays in Vermont? The bottom - 02/2013
• Vermont Business Magazine: Bush tax cuts present budget-balancing option - 02/2011
• VT Digger: Tax reform, Part 1: Where policy meets politics - 02/2011



ITEP Numbers and Reports

• Public Assets Institute: Vermont Has Options to Raise Revenue for Smart Investments - 03/2013
• Who Pays? (Fourth Edition) - 01/2013
• Public Assets Institute: Federal Tax Cuts Offer New Option - 01/2011
• Public Assets Institute: A Balanced Way to Balance the Budget - 06/2009
• Public Assets Institute: Vermonters' Incomes Outpaced School Taxes (1996-2006) - 12/2007






RESOURCES




State Tax & Revenue Information

• Vermont Department of Taxes - Publications
• Vermont Department of Taxes - Statistics
• Vermont Department of Finance & Management - Reports & Publications
• Vermont General Assembly - Joint Fiscal Office
• Blue Ribbon Tax Structure Commission



Tax Expenditure Reports

• Vermont Tax Expenditures



State Statutes & Legislation

• Vermont Statutes & the Constitution
• Vermont Legislative Bill Tracking System



State Tax Forms

• Vermont Department of Taxes - Forms





ORGANIZATIONS



• Public Assets Institute
• Voices for Vermont's Children

Vermont
By the Numbers

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: $250,000 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 Streamlined Sales Tax Membership: Full 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): $0.258 Diesel Tax Rate (per gallon): $0.29 Cigarette Tax Rate (per pack): $2.62 Estate or Inheritance Tax: Yes Net Lottery Sales Per Capita: $147 Tax Policy Oversight Tax Expenditure Report: Yes Tax Incidence Analysis Capability: Personal income tax only Last Updated October 4, 2012 Sources & Glossary