Vermont H 77: An act relating to authorizing repossession of commercial property

Bill Text

BILL AS INTRODUCED H.77
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VT LEG #379088 v.1
H.77 1
Introduced by Representatives McCann of Montpelier, Cordes of Bristol, 2
Dodge of Essex, Goldman of Rockingham, Headrick of 3
Burlington, Logan of Burlington, Pouech of Hinesburg, 4
Priestley of Bradford, Tomlinson of Winooski, and Waszazak 5
of Barre City 6
Referred to Committee on 7
Date: 8
Subject: Taxation; income tax; marginal tax brackets 9
Statement of purpose of bill as introduced: This bill proposes to create a new 10
marginal tax bracket to generate revenue for education and transportation. 11
An act relating to creating a new income tax bracket 12
It is hereby enacted by the General Assembly of the State of Vermont: 13
Sec. 1. 32 V.S.A. § 5822 is amended to read: 14
§ 5822. TAX ON INCOME OF INDIVIDUALS, ESTATES, AND TRUSTS 15
(a) A tax is imposed for each taxable year upon the taxable income earned 16
or received in that year by every individual, estate, and trust, subject to income 17
taxation under the laws of the United States, in an amount determined by the 18
following tables, and adjusted as required under this section: 19

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(1) Married individuals filing joint returns and surviving spouses: 1
If taxable income is: The tax is: 2
Not over $64,600.00 $79,950.00 3.35% of taxable income 3
Over $64,600.00 $79,950.00 but $2,164.00 $2,678.00 plus 6.6% of the 4
not over $156,150.00 $193,300.00 amount of taxable income over 5
$64,600.00 $79,950.00 6
Over $156,150.00 $193,300.00 but $8,206.00 $10,159.00 plus 7.6% of 7
not over $237,950.00 $294,600.00 the amount of taxable income over 8
$156,150.00 $193,300.00 9
Over $237,950.00 $294,600.00 but $14,423.00 $17,858.00 10
not over $1,217,350.00 plus 8.75% of the amount of taxable 11
income over $237,950.00 12
$294,600.00 13
Over $1,217,350.00 $98,599.00 plus 12.75% of the 14
amount over $1,217,350.00 15
(2) Heads of households: 16
If taxable income is: The tax is: 17
Not over $51,850.00 $64,200.00 3.35% of taxable income 18
Over $51,850.00 $64,200.00 but $1,737.00 $2,151.00 plus 6.6% of the 19
not over $133,850.00 $165,700.00 amount of taxable income over 20
$51,850.00 $64,200.00 21

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Over $133,850.00 $165,700.00 but $7,149.00 $8,850.00 plus 7.6% of the 1
not over $216,700.00 $268,350.00 amount of taxable income over 2
$133,850.00 $165,700.00 3
Over $216,700.00 $268,300.00 $13,446.00 $16,647.00 plus 8.75% of 4
but not over $1,108,675.00 the amount of taxable income over 5
$216,700.00 $268,300.00 6
Over $1,108,675.00 $90,180.00 plus 12.75% of the 7
amount of taxable income over 8
$1,108,675.00 9
(3) Unmarried individuals (other than surviving spouse or head of 10
household): 11
If taxable income is: The tax is: 12
Not over $38,700.00 $47,900.00 3.35% of taxable income 13
Over $38,700.00 $47,900.00 but $1,296.00 $1,605.00 plus 6.6% of the 14
not over $93,700.00 $116,000.00 6.6% of the amount of taxable 15
income over $38,700.00 $47,900.00 16
Over $93,700.00 $116,000.00 but $4,926.00 $6,099.00 plus 7.6% of the 17
not over $195,450.00 $242,000.00 amount of taxable income over 18
$93,700.00 $116,000.00 19
Over $195,450.00 $242,000.00 but $12,659.00 $15,675.00 plus 8.75% of 20
not over $1,000,000.00 the amount of taxable income over 21

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VT LEG #379088 v.1
$195,450.00 $242,000.00 1
Over $1,000,000.00 $82,000.00 plus 12.75% of the 2
amount of taxable income over 3
$1,000,000.00 4
(4) Married individuals filing separate returns: 5
If taxable income is: The tax is: 6
Not over $32,300.00 $39,975.00 3.35% of taxable income 7
Over $32,300.00 $39,975.00 but $1,082.00 $1,339.00 plus 6.6% of the 8
not over $78,075.00 $96,650.00 amount of taxable income over 9
$32,300.00 $39,975.00 10
Over $78,075.00 $96,650.00 but $4,103.00 $5,080.00 plus 7.6% of the 11
not over $118,975.00 $147,300.00 amount of taxable income over 12
$78,075.00 $96,650.00 13
Over $118,975.00 $147,300.00 but $7,212.00 $8,929.00 plus 8.75% of 14
not over $608,675.00 the amount of taxable income over 15
$118,975.00 $147,300.00 16
Over $608,675.00 $49,299.00 plus 12.75% of the 17
amount of taxable income over 18
$608,675.00 19

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(5) Estates and trusts: 1
If taxable income is: The tax is: 2
$2,600.00 $3,200.00 or less 3.35% of taxable income 3
Over $2,600.00 $3,200.00 but $87.00 $107.00 plus 6.6% of the 4
not over $6,100.00 $7,500.00 amount of taxable income over 5
$2,600.00 $3,200.00 6
Over $6,100.00 $7,500.00 but $318.00 $391.00 plus 7.6% of the 7
not over $9,350.00 $11,550.00 amount of taxable income over 8
$6,100.00 $7,500.00 9
Over $9,350.00 $11,550.00 $565.00 $699.00 plus 8.75% of the 10
amount of taxable income over 11
$9,350.00 $11,550.00 12
(6) If the federal adjusted gross income of the taxpayer exceeds 13
$150,000.00, then the tax calculated under this subsection shall be the greater 14
of the tax calculated und