Tax News

CCH (cch.taxgroup.com) reports:

The Vermont omnibus tax bill makes numerous amendments to Vermont's corporate income, personal income, estate and gift tax laws, including changes that decouple from the IRC §168(k) bonus depreciation deduction for personal income taxes, limit the personal income tax capital gains subtraction, and update Vermont's Internal Revenue Code (IRC) conformity date. Other amendments extend the wood products manufacture tax credit against corporate and personal income taxes, modify the recapture provision for the historic rehabilitation credit against corporate and personal income taxes, and revise provisions of the Vermont Economic Growth Incentive program. In addition, the Commissioner of the Department of Taxes is required to make recommendations to the General Assembly concerning the repeal of underutilized tax incentives. Finally, various provisions governing tax refunds, deficiency notice procedures, and disclosure of taxpayer information are amended.
Separate stories discuss sales and use tax changes (TAXDAY, 2008/06/09, S.29) and property and other tax changes (TAXDAY, 2008/06/09, S.28) contained in the legislation.