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Major Vermont Taxes
Vermont Corporate Income Tax
The corporate income tax is a net income tax based on income allocated or apportioned to
Vermont. A minimum tax applies to all active Corporations (including LLCs electing to be taxes as C-Corporation) with the exception of Small Farm Corporations, which pay a minimum tax of $75. C-Corporations file form CO-411.
Note: S Corporations, Partnerships and Limited Liability Companies are subject to the Business
Entity tax.
Bonus depreciation [IRC Section 168(k)] deducted on the Federal Return is NOT available when calculating Vermont Corporation Income Tax.
Beginning with tax year 2006, groups of affiliated corporations conducting unitary business are required to file a Unitary-Combined return. See Regulation 1.5862(d). Unitary businesses file form CO-411U.
Beginning with tax year 2007, a Vermont Net Operating Loss (VNOL) is created. Vermont no longer 'piggy-backs' to federal NOL utilization. See Technical Bulletin 35 and 40 for details.
Marginal Tax Rates (effective beginning with tax year 2007): |
Allocable to VT |
Base Tax |
Plus |
of Amt. Over |
$ 0 - 10,000 |
|
6.00% |
$ 0 |
$ 10,001 - 25,000 |
$ 600 |
7.00% |
$ 10,000 |
$ 25,001 - and more |
$ 1,650 |
8.50% |
$ 25,000 |
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Minimum Annual Tax: |
Starting with 2012, minimum tax increases to $300, $500, or $750, based on Vermont Gross Receipts. If: |
Vermont Gross Receipts are: |
Minimum Tax is: |
$2,000,000 or less |
$300 |
$2,000,001 - $5,000,000 |
$500 |
$5,000,001 and over |
$750 |
For tax years prior to 2012, the minimum tax for every tax year, whether 12 months or a short period, is $250.
Exceptions:
Small Farm Corporation - Minimum tax of $75 (see 32 V.S.A. 5832(2)(A))
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