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Details:
• State and Local Income Taxes Federal Deduction:If you added back state/local income taxes in tax year 2009 but received a Federal 2009 tax year income refund, an adjustment for the amount added back is available this year.
• Bonus Depreciation:Federal bonus depreciation is not allowed. VT Taxable Income is adjusted for the difference between the Federal depreciation and standard depreciation method for eligible property.
• Capital Gains Exclusion:The 2010 tax year exclusion for net long term capital gain is the gain or $2,500, whichever is less. Special exclusion calculation applies to taxpayers age 70 or older as of December 31, 2010 and on the capital gain attributable to sale of standing timber or farm.
• New Contribution Fund:The Vermont Veterans' Fund replaces the Vermont Campaign Fund.
• Solar Energy Income Tax Credit:New provisions for availability and eligibility apply to 2010 tax year credit claims.
• Additional Acreage Payment:The $10 per acre payment (up to 5 acres) is repealed for the 2010 property tax adjustment and thereafter.
• Household Income:For 2010 Household Income and thereafter, Federal Deductions to adjust Household Income are limited to: business expenses of reservists, one-half self-employment tax, alimony paid, and tuition and fees.
• Homestead Declaration:This no longer has an annual filing requirement. The declaration filed in 2010 remains in effect until the property is sold or the use of the homestead changes.
• Homestead Declaration Withdrawal:Sellers of a declared homestead are required to file a withdrawal of the declaration within 30 days of the sale date.
• Property Tax Adjustment Claim must continue to be filed each year.
• Household Income Adjustment:An adjustment will add interest and dividend income that exceeds $10,000 to the household income. This applies to Household Income for 2009, 2010 and 2011.
• Landlord Certificates:Landlords with two or more residential rental units must provide their tenants with the Landlord Certificate by January 31. A $200 penalty per certificate applies for failure to give the tenant the certificate.
• Rent Eligible for Rebate:For 2010 Renter Rebate and thereafter, rent eligible for the rebate is based on the rent paid in the calendar year for that calendar year. Property tax on the rental unit can no longer be used.
• Maximum Household Income for 2011 Property Tax Adjustment remains at $97,000.
• Maximum amount for 2011 Property Tax Adjustment or 2010 Renter Rebate remains at $8,000.
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