The Vermont Statutes Online
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
NOTE: The online version of the Vermont Statutes does NOT yet include the actions of the 2023 legislative session. The 2023 updates should be available by the end of October.
Subchapter 003 : DISBURSEMENTS(Cite as: 32 V.S.A. § 476)
§ 476. Rebate of income earned from investment or reinvestment of bond proceeds to the U.S. Treasury Department
Subject only to the approval of the Governor, the Commissioner of Finance and Management shall issue his or her warrant for payment to the U.S. Treasury Department or any other agency of the United States of all or any portion of the income received by the State from the investment or reinvestment of the proceeds of any bonds issued by the State in such amount and to the extent necessary to ensure that interest on bonds issued by the State is not included in gross income of the recipients thereof for federal income tax purposes. (Added 1985, No. 125 (Adj. Sess.), § 6, eff. April 18, 1986; amended 1987, No. 36, § 7; 1987, No. 243 (Adj. Sess.), § 59, eff. June 13, 1988.)