Vermont S0104 proposes to transition from an education property tax to an education income tax, affecting all Vermont residents.

Vermont S0104 proposes to transition from an education property tax to an education income tax, affecting all Vermont residents. The bill introduces an education income tax based on the income of Vermont homeowners, with rates adjusted for income sensitivity. It also updates property tax credit income sensitivity measures to provide relief to a broader class of Vermont taxpayers. The bill creates a new top marginal tax rate on income to address revenue lost due to the expansion of income sensitivity measures.

Vermont S0104 proposes to transition from an education property tax to an education income tax, affecting all Vermont residents.

Vermont S0104 proposes to transition from an education property tax to an education income tax, affecting all Vermont residents. The bill introduces an education income tax based on the income of Vermont homeowners, with rates adjusted for income sensitivity. It also updates property tax credit income sensitivity measures to provide relief to a broader class of Vermont taxpayers. The bill creates a new top marginal tax rate on income to address revenue lost due to the expansion of income sensitivity measures.