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Vermont
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Details:
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Estimated Tax Payments: Vermont law requires estimated payments for 2009 tax year to be equal to 100% of 2008 tax liability or 90% of 2009 tax liability. While ARRA allowed small business taxpayers to make reduced Federal estimated income tax payments for tax year 2009, this change does NOT apply to Vermont estimated payments.
• Bonus Depreciation on property used in 2009 tax year:
Bonus depreciation for eligible property put into service in 2009 is not allowed for VT tax purposes. See page 8 for adjustment needed.
• Bonus Depreciation on property used in 2008 tax year:
See page 8 for adjustment needed.
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Add Back of Itemized Deductions from Federal Schedule A: State and local income tax exceeding $5,000 on Line 5a and tax paid on the purchase of a new motor vehicle in 2009 on Line 7 are required to be added back as part of VT taxable income.
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Capital Gains Exclusion: The calculation for the capital gains exclusion changed mid-year. For capital gains occurring January 1through June 30, 2009, the exclusion is the smaller of 40% of the net long-term capital gain or 40% of the Federal taxable income. For capital gains occurring July 1 through December 31, 2009, the exclusion is the smaller of the net long-term capital gains for that period or $2,500. Special exclusion calculations apply to taxpayers age 70 or older and the capital gain attributable to the sale of standing timber or farm. See Technical Bulletin 47.
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Credit against VT Income Tax for Federal Investment Tax Credit: Starting with tax year 2009, only the portion of the Federal Investment Tax Credit attributable to Vermont investment is allowed as a credit against VT Income Tax.
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Credit against VT Income Tax for Solar Energy:
Unused credit against VT Income Tax for VT-based business solar energy investment can be carried forward for up to 5 years. Effective January 1, 2009, an eligible solar energy investment funded from the Clean Energy Development Fund is not eligible for this credit. For investments on or after October 1, 2009, the credit must be calculated only on the portion of the investment not covered by any grants or similar funding from a public or private program. See Technical Bulletin 45.
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Credit against VT Income Tax for income tax paid to another state or Canadian Province: Due to the complexity of calculating the capital gain exclusion, no adjustment to the adjusted gross income in the other state or Canadian province will be required this year.
• Maximum Household Income for 2010 Property Tax Adjustment remains at $97,000.
• Maximum amount for 2010 Property Tax Adjustment and 2009 Renter
Rebate is $8,000. |
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Government Link:
http://www.state.vt.us/tax/pdf.word.excel/forms/2009/2009IncBook.pdf
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