Bill > S0282

This bill, titled the "Preserving Revenue for State Programs and Economic Resiliency Act," introduces several tax changes and establishes a new fund. It imposes a two percent income tax surcharge on individuals earning over $250,000 in adjusted gross income (AGI), with an additional six percent surcharge on income exceeding $500,000, both calculated on income above these thresholds and applied regardless of filing status. Additionally, it creates a "wealth proceeds tax" of four percent on taxable income exceeding certain thresholds for individuals, estates, and trusts, with the tax calculated on wealth proceeds, which includes net investment income and certain other gains, minus specific deductions. The bill also revises property tax classifications by creating a "nonhomestead residential" category for properties that are not declared as a homestead and have a residential structure, and assigns a property tax rate for these properties that is double the rate applied to homestead properties. Finally, it establishes the School Construction Aid Special Fund, which will be funded by half of the education property tax revenue from nonhomestead residential properties and will be used to provide aid for school construction projects and grants.

Budget and Finance

https://legislature.vermont.gov/bill/status/2026/S.282