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
:
TAXATION OF INDIVIDUALS, TRUSTS, AND ESTATES
(Cite as: 32 V.S.A. § 5830b)
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§ 5830b. Tax credits; Entrepreneurs’ Seed Capital Fund
(a) The initial capitalization of the Entrepreneurs’ Seed Capital Fund, as established
in 10 V.S.A. § 291, up to $7,150,000.00 raised from Vermont taxpayers on or before January 1, 2020,
shall entitle those taxpayers to a credit against the tax imposed by section 5822, 5832, 5836, or 8551 of this title and by 8 V.S.A. § 6014. The credit may be claimed for the taxable year in which a contribution is made and
each of the four succeeding taxable years. The amount of the credit for each year
shall be the lesser of four percent of the taxpayer’s contribution or 50 percent of
the taxpayer’s tax liability for that taxable year prior to the allowance of this
credit; provided, however, that in no event shall the aggregate credit allowable under
this section for all taxable years exceed 20 percent of the taxpayer’s contribution
to the initial $7,150,000.00 capitalization of the Fund. The credit shall be nontransferable
except as provided in subsection (b) of this section.
(b) If the taxpayer disposes of an interest in the Fund within four years after the date
on which the taxpayer acquired that interest, any unused credit attributable to the
disposed-of interest is disallowed. This disallowance does not apply in the event
of an involuntary transfer of the interest, including a transfer at death to any heir,
devisee, legatee, or trustee, or in the event of a transfer without consideration
to or in trust for the benefit of the taxpayer or one or more persons related to the
taxpayer as spouse, descendant, parent, grandparent, or child. (Added 1985, No. 171 (Adj. Sess.), § 2, eff. May 7, 1986; amended 1987, No. 80, § 7, eff. June 9, 1987; 1993, No. 78, § 1; 2003, No. 164 (Adj. Sess.), § 8, eff. June 12, 2004; 2005, No. 184 (Adj. Sess.), § 17b, eff. May 24, 2006; 2009, No. 54, § 27, eff. June 1, 2009.)