Vermont H0794 imposes a wealth proceeds tax on higher income earners and creates a School Construction Aid Special Fund.

Vermont H0794 introduces a wealth proceeds tax on individuals, estates, and trusts with taxable income exceeding specified thresholds. It also imposes a personal income tax surcharge on individuals with federal adjusted gross income of $250,000 or more. The bill creates the School Construction Aid Special Fund, which will be used for school construction projects and administrative costs. Additionally, it establishes new property tax classifications and rates for nonhomestead residential properties, with a tax rate double that of homestead properties.

Vermont H0794 imposes a wealth proceeds tax on higher income earners and creates a School Construction Aid Special Fund.

Vermont H0794 introduces a wealth proceeds tax on individuals, estates, and trusts with taxable income exceeding specified thresholds. It also imposes a personal income tax surcharge on individuals with federal adjusted gross income of $250,000 or more. The bill creates the School Construction Aid Special Fund, which will be used for school construction projects and administrative costs. Additionally, it establishes new property tax classifications and rates for nonhomestead residential properties, with a tax rate double that of homestead properties.