Act No. 67 (H.461). Taxation and fees; education property tax; abatements

An act relating to the reimbursement of statewide education property taxes that were abated due to flood damage

This act provides a system for reimbursing towns for statewide education property taxes that were abated due to a federally declared disaster in Vermont between April 1, 2011 and October 1, 2011.

Sec. 1(a)

Allows the commissioner of taxes to reimburse towns for the portion of its education fund payment for which the underlying taxes were abated.

The abatements must have been made on property "lost or destroyed due directly or indirectly to flooding in an area that was declared a federal disaster between April 1, 2011 and October 1, 2011, and that were abated, in proportion to the abated municipal tax . . ."

The tax commissioner shall adopt procedures to implement this section.

Sec. 1(b)

Allows the commissioner of taxes to reimburse towns for reasonable interest expenses associated with borrowing that were due to the disruption of tax collection resulting from flooding in an area that was declared a federal disaster between April 1, 2011 and October 1, 2011.

Sec. 1(c)

Allows the department of education to reconcile the reimbursements in either the payments owed to the education fund by certain towns under 32 V.S.A. § 5402(c) or in the payments each town makes to its school district under 16 V.S.A. § 426.

Sec. 1(d)

Allows the boards of abatement to reconsider any earlier decision it made between April 1, 2011 and the date of passage of this act.

Sec. 2

The bill takes effect on passage.

Effective Date: January 18, 2012