Bill > H0620

This bill establishes a Wealth Tax Commission, comprised of legislative members, the Commissioners of the Department of Financial Regulation and Taxes (or their designees), to study the taxation of wealth and investment gains that currently avoid income taxes. The commission will receive administrative and technical support from the Joint Fiscal Office, which will hire a facilitator knowledgeable in wealth taxes and related reforms. This facilitator will coordinate with various experts and institutions, including legislative members and revenue agencies from other states, academics, and the Multistate Tax Commission. The commission's duties include researching policy and implementation issues for a wealth tax, such as residency criteria, asset valuation, handling losses, and situations where wealth is primarily in real estate, as well as exploring how to coordinate with other states to uniformly tax wealth and investment gains. The commission is required to report its findings and recommendations to the House Committee on Ways and Means and the Senate Committee on Finance by November 1, 2027, and will cease to exist on July 1, 2028, with an appropriation of $125,000 for fiscal year 2027 to support its work.

Budget and Finance

https://legislature.vermont.gov/bill/status/2026/H.620