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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 010B : Taxation of Partnerships and Limited Liability Companies

(Cite as: 32 V.S.A. § 5921)
  • § 5921. Minimum tax

    A partnership or a limited liability company that is taxed as a partnership under the Internal Revenue Code and is subject to the provisions of section 5920 of this title shall pay an annual tax of $250.00 to the Commissioner of Taxes on or before the due date prescribed for the filing of the entity’s federal return. The tax shall be submitted together with a form prescribed by the Commissioner. A limited liability company that does not receive partnership treatment under the Internal Revenue Code shall be taxed for State purposes in the same manner as taxed under the Internal Revenue Code. Partnerships whose activities are limited to the maintenance and management of their intangible investments and whose annual investment income does not exceed $5,000.00 and whose total assets are not in excess of $20,000.00 shall be exempt from the tax imposed by this section. (Added 1995, No. 169 (Adj. Sess.), § 24, eff. May 15, 1996; amended 1997, No. 50, § 23, eff. June 26, 1997; 1997, No. 71 (Adj. Sess.), § 27a(b), eff. March 11, 1998; 1997, No. 156 (Adj. Sess.), § 37a, eff. April 29, 1998.)