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Searching 2025-2026 Session

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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.

Title 32 : Taxation and Finance

Chapter 151 : Income Taxes

Subchapter 002 : TAXATION OF INDIVIDUALS, TRUSTS, AND ESTATES

(Cite as: 32 V.S.A. § 5830e)
  • § 5830e. Retirement income; Social Security income

    (a) Social Security income. The portion of federally taxable Social Security benefits excluded from taxable income under subdivision 5811(21)(B)(iv) of this chapter shall be as follows:

    (1) For taxpayers whose filing status is single, married filing separately, head of household, or surviving spouse:

    (A) If the federal adjusted gross income of the taxpayer is less than or equal to $55,000.00, all federally taxable benefits received under the federal Social Security Act shall be excluded.

    (B) If the federal adjusted gross income of the taxpayer is greater than $55,000.00 but less than $65,000.00, the percentage of federally taxable benefits received under the Social Security Act to be excluded shall be proportional to the amount of the taxpayer’s federal adjusted gross income over $55,000.00, determined by:

    (i) subtracting the federal adjusted gross income of the taxpayer from $65,000.00;

    (ii) dividing the value under subdivision (i) of this subdivision (B) by $10,000.00; and

    (iii) multiplying the value under subdivision (ii) of this subdivision (B) by the federally taxable benefits received under the Social Security Act.

    (C) If the federal adjusted gross income of the taxpayer is equal to or greater than $65,000.00, no amount of the federally taxable benefits received under the Social Security Act shall be excluded under this section.

    (2) For taxpayers whose filing status is married filing jointly:

    (A) If the federal adjusted gross income of the taxpayer is less than or equal to $70,000.00, all federally taxable benefits received under the Social Security Act shall be excluded.

    (B) If the federal adjusted gross income of the taxpayer is greater than $70,000.00 but less than $80,000.00, the percentage of federally taxable benefits received under the Social Security Act to be excluded shall be proportional to the amount of the taxpayer’s federal adjusted gross income over $70,000.00, determined by:

    (i) subtracting the federal adjusted gross income of the taxpayer from $80,000.00;

    (ii) dividing the value under subdivision (i) of this subdivision (B) by $10,000.00; and

    (iii) multiplying the value under subdivision (ii) of this subdivision (B) by the federally taxable benefits received under the Social Security Act.

    (C) If the federal adjusted gross income of the taxpayer is equal to or greater than $80,000.00, no amount of the federally taxable benefits received under the Social Security Act shall be excluded under this section.

    (b) Civil Service Retirement System income. The portion of income received from the Civil Service Retirement System excluded from taxable income under subdivision 5811(21)(B)(iv) of this title shall be subject to the limitations under subsection (e) of this section and shall be determined as follows:

    (1) For taxpayers whose filing status is single, married filing separately, head of household, or surviving spouse:

    (A) If the federal adjusted gross income of the taxpayer is less than or equal to $55,000.00, the first $10,000.00 of income received from the Civil Service Retirement System shall be excluded.

    (B) If the federal adjusted gross income of the taxpayer is greater than $55,000.00 but less than $65,000.00, the percentage of the first $10,000.00 of income received from the Civil Service Retirement System to be excluded shall be proportional to the amount of the taxpayer’s federal adjusted gross income over $55,000.00, determined by:

    (i) subtracting the federal adjusted gross income of the taxpayer from $65,000.00;

    (ii) dividing the value under subdivision (i) of this subdivision (B) by $10,000.00; and

    (iii) multiplying the value under subdivision (ii) of this subdivision (B) by the first $10,000.00 of income received from the Civil Service Retirement System.

    (C) If the federal adjusted gross income of the taxpayer is equal to or greater than $65,000.00, no amount of the income received from the Civil Service Retirement System shall be excluded under this section.

    (2) For taxpayers whose filing status is married filing jointly:

    (A) If the federal adjusted gross income of the taxpayer is less than or equal to $70,000.00, the first $10,000.00 of income received from the Civil Service Retirement System shall be excluded.

    (B) If the federal adjusted gross income of the taxpayer is greater than $70,000.00 but less than $80,000.00, the percentage of the first $10,000.00 of income received from the Civil Service Retirement System to be excluded shall be proportional to the amount of the taxpayer’s federal adjusted gross income over $70,000.00, determined by:

    (i) subtracting the federal adjusted gross income of the taxpayer from $80,000.00;

    (ii) dividing the value under subdivision (i) of this subdivision (B) by $10,000.00; and

    (iii) multiplying the value under subdivision (ii) of this subdivision (B) by the first $10,000.00 of income received from the Civil Service Retirement System.

    (C) If the federal adjusted gross income of the taxpayer is equal to or greater than $80,000.00, no amount of the income received from the Civil Service Retirement System shall be excluded under this section.

    (c) Other contributory retirement systems; earnings not covered by Social Security. Other retirement income, except U.S. military retirement income pursuant to subsection (d) of this section, received by a taxpayer of this State shall be excluded pursuant to subsection (b) of this section as though the income were received from the Civil Service Retirement System and shall be subject to the limitations under subsection (e) of this section, provided that:

    (1) the income is received from a contributory annuity, pension, endowment, or retirement system of:

    (A) the U.S. government or a political subdivision or instrumentality of the U.S. government;

    (B) this State or a political subdivision or instrumentality of this State; or

    (C) another state or a political subdivision or instrumentality of another state; and

    (2) the contributory system from which the income is received was based on earnings that were not covered by the Social Security Act.

    (d) U.S. military retirement income and U.S. military survivor benefit income. For taxpayers of any filing status, U.S. military retirement income, and U.S. military survivor benefit income received by an eligible beneficiary, received by a taxpayer of this State shall be excluded from taxable income under subdivision 5811(21)(B)(iv) of this chapter as follows:

    (1) If the federal adjusted gross income of the taxpayer is less than or equal to $125,000.00, all federally taxable U.S. military retirement income and survivor benefit income shall be excluded.

    (2) If the federal adjusted gross income of the taxpayer is greater than $125,000.00 but less than $175,000.00, the percentage of federally taxable U.S. military retirement income and survivor benefit income to be excluded shall be proportional to the amount of the taxpayer’s federal adjusted gross income over $125,000.00, determined by:

    (A) subtracting the federal adjusted gross income of the taxpayer from $175,000.00;

    (B) dividing the value under subdivision (A) of this subdivision (2) by $50,000.00; and

    (C) multiplying the value under subdivision (B) of this subdivision (2) by the federally taxable U.S. military retirement income and survivor benefit income received.

    (3) If the federal adjusted gross income of the taxpayer is equal to or greater than $175,000.00, no amount of the federally taxable U.S. military retirement income and survivor benefit income received shall be excluded under this section.

    (e)(1) Requirement to elect one exclusion. A taxpayer of this State who is eligible during the taxable year for more than one of the exclusions under subsections (a), (b), and (c) of this section shall elect only one of the exclusions for which the taxpayer is eligible.

    (2) A taxpayer of this State who is eligible during the taxable year for the military retirement and survivor benefit exclusion under subsection (d) of this section may elect that exclusion regardless of whether the taxpayer also elects an exclusion under subsections (a)–(c) of this section. (Added 2018, No. 11 (Sp. Sess.), § H.5, eff. Jan. 1, 2018; amended 2021, No. 105 (Adj. Sess.), § 534, eff. July 1, 2022; 2021, No. 138 (Adj. Sess.), § 7, eff. January 1, 2022; 2023, No. 6, §§ 376, 377, eff. July 1, 2023; 2025, No. 71, § 3, eff. January 1, 2025.)

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