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
007
:
FEDERAL TAXATION OF INTEREST
(Cite as: 32 V.S.A. § 998)
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§ 998. Loans and grants
In the event the State Treasurer issues bonds the interest on which is not to be included
in gross income for federal income tax purposes, to the extent that such funds are
made available to any municipal corporation, any instrumentality thereof or of the
State, or to any other person, the State Treasurer may require the recipients of the
funds to enter into agreements regulating the use and investments of funds made available
to them, requiring them to account to the State for the investment of such funds,
and requiring them to pay to the State earnings on such funds which the State is required
to rebate to the federal government. Recipients are authorized to enter into such
agreements with the State which shall be valid and enforceable against them. (Added 1987, No. 36, § 6, eff. May 11, 1987.)