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Searching 2023-2024 Session

The Vermont Statutes Online

The Vermont Statutes Online have been updated to include the actions of the 2023 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 010A : Taxation of S Corporations

(Cite as: 32 V.S.A. § 5910)
  • § 5910. Definitions; federal conformity

    (a) As used in this subchapter:

    (1) “C corporation” means a corporation that is not an S corporation.

    (2) “Code” means the Internal Revenue Code of 1986, as amended and as applicable to the taxable period; references to sections of the Code shall be deemed to refer to corresponding provisions of prior and subsequent federal tax laws.

    (3) “Income attributable to Vermont” means items of income, loss, deduction, or credit of the S corporation allocated and apportioned to Vermont pursuant to section 5833 of this title.

    (4) “Income not attributable to Vermont” means all items of income, loss, deduction, or credit of the S corporation other than income attributable to Vermont.

    (5) “Pro rata share” means the portion of any item attributable to an S corporation shareholder for a taxable period determined in the manner provided in, and subject to any election made under, subsection 1377(a) or 1362(e), as the case may be, of the Code.

    (6) “S corporation” means a corporation for which a valid election under subsection 1362(a) of the Code is in effect.

    (7) “Taxable period” means any taxable year or portion of a taxable year during which a corporation is an S corporation.

    (b) Except as otherwise expressly provided or clearly appearing from the context, any term used in this subchapter shall have the same meaning as when used in comparable context in the Code, or in any statute relating to federal income taxes, in effect for the taxable period. Due consideration shall be given in the interpretation of this subchapter to applicable sections of the Code in effect from time to time and to federal rulings and regulations interpreting such sections, provided such Code, rulings, and regulations do not conflict with the provisions of this subchapter. (Added 1995, No. 169 (Adj. Sess.), § 21, eff. May 15, 1996; amended 2021, No. 105 (Adj. Sess.), § 543, eff. July 1, 2022.)