The Vermont Statutes Online
The Statutes below include the actions of the 2025 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.
Subchapter
002
:
ESTABLISHMENT AND ORGANIZATION
(Cite as: 30 V.S.A. § 5015)
-
§ 5015. Tax exemption
(a) All bonds or notes issued under this chapter are issued by a body corporate and politic
of this State and for an essential public and governmental purpose. Those bonds and
notes, and the interest on them and the income from them, including any profit on
their sale, and all activities of the Authority and fees, charges, funds, revenues,
incomes, and other monies of the Authority whether or not pledged or available to
pay or secure the payment of those bonds or notes, or interest on them, are exempt
from all taxation, franchise fees, or special assessments of whatever kind except
for transfer, inheritance, and estate taxes.
(b) The Authority is not required to make or file any reports, statements, or informational
returns required of any utility or other bodies corporate except as provided in this
chapter.
(c) Real and personal property, situated within the State and owned by the Authority shall
be exempt from property taxation. The Authority shall, in lieu of property taxes,
pay to any governmental body authorized to levy local property taxes the amount that
would be assessable as local property taxes on the real and tangible personal property
if that property were the property of a utility. These payments shall be due, and
bear interest if unpaid, as in the case of taxes on the property of a utility. For
purposes of these payments in lieu of taxes, the assessors of the taxing authority
shall make a valuation and assessment of the property and determine the tax that would
be assessable if the property were owned by a utility. Payments in lieu of taxes made
under this chapter shall be treated in the same manner as taxes for the purposes of
all procedural and substantive provisions of law, including appeals, applicable to
assessment and taxation of real and personal property, collection, and abatement of
these taxes and the raising of public revenues. (Added 1979, No. 78, § 3; amended 2023, No. 85 (Adj. Sess.), § 450, eff. July 1, 2024.)