The Vermont Statutes Online
The Vermont Statutes Online have been updated to include the actions of the 2023 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Title 32 : Taxation and Finance
Chapter 151 : Income Taxes
Subchapter 002 : Taxation of Individuals, Trusts, and Estates
(Cite as: 32 V.S.A. § 5830a)-
§ 5830a. Interest tax
(a) When another state imposes a tax upon interest earned by its residents on deposits in a lending institution located in this State, but exempts from such taxation deposits by its residents in lending institutions located within that state, then there is hereby levied a tax in the amount of five percent upon interest earned by residents of this State on deposits in lending institutions located in such other state. As used in this section, “lending institution” includes any bank, savings bank, trust company, or building and loan association or other similar institution.
(b) For each taxpayer, $600.00 of income otherwise taxable under this section shall be exempt in each tax year. A husband and wife filing a joint return constitute a single taxpayer. (Added 1977, No. 67.)
