The Vermont Statutes Online

Title 32 : Taxation and Finance

Chapter 151 : Income Taxes

Subchapter 011J : VERMONT DOWNTOWN AND VILLAGE CENTER TAX CREDIT PROGRAM

• § 5930aa. Definitions

  As used in this subchapter:

  (1) “Qualified applicant” means an owner or lessee of a qualified building involving a qualified project but does not include a State or federal agency or a political subdivision of either or an instrumentality of the United States.

  (2) “Qualified building” means a building built at least 30 years before the date of application, located within a designated downtown, village center, or neighborhood development area, which, upon completion of the project supported by the tax credit, will be an income-producing building not used solely as a single-family residence. Churches and other buildings owned by religious organization may be qualified buildings, but in no event shall tax credits be used for religious worship.

  (3) “Qualified code improvement project” means a project:

  (A) to install or improve platform lifts suitable for transporting personal mobility devices, limited use or limited application elevators, elevators, sprinkler systems, and capital improvements in a qualified building, and the installations or improvements are required to bring the building into compliance with the statutory requirements and rules regarding fire prevention, life safety, and electrical, plumbing, and accessibility codes as determined by the Department of Public Safety;

  (B) to abate lead paint conditions or other substances hazardous to human health or safety in a qualified building; or

  (C) to redevelop a contaminated property in a designated downtown, village center, or neighborhood development area under a plan approved by the Secretary of Natural Resources pursuant to 10 V.S.A. § 6615a.

  (4) “Qualified expenditures” means construction-related expenses of the taxpayer directly related to the project for which the tax credit is sought but excluding any expenses related to a private residence.

  (5) “Qualified façade improvement project” means the rehabilitation of the Façade of a qualified building that contributes to the integrity of the designated downtown, designated village center, or neighborhood development area. Façade improvements to qualified buildings listed, or eligible for listing, in the State or National Register of Historic Places must be consistent with Secretary of the Interior Standards, as determined by the Vermont Division for Historic Preservation.

  (6) “Qualified Flood Mitigation Project” means any combination of structural and nonstructural changes to a qualified building that reduces or eliminates flood damage to the building or its contents. This may include relocation of HVAC, electrical, plumbing, and other building systems, and equipment above the flood level; repairs or reinforcement of foundation walls, including flood gates; or elevation of an entire eligible building above the flood level. Further eligible projects may be defined via program guidance. The project shall comply with the municipality’s adopted flood hazard bylaw, if applicable, and a certificate of completion shall be submitted by a registered engineer, architect, qualified contractor, or qualified local official to program staff. Improvements to qualified buildings listed, or eligible for listing, in the State or National Register of Historic Places shall be consistent with Secretary of the Interior’s Standards for Rehabilitation, as determined by the Vermont Division for Historic Preservation.

  (7) “Qualified historic rehabilitation project” means an historic rehabilitation project that has received federal certification for the rehabilitation project.

  (8) “Qualified project” means a qualified code improvement, qualified façade improvement, or qualified historic rehabilitation project as defined by this subchapter.

  (9) “State Board” means the Vermont Downtown Development Board established pursuant to 24 V.S.A. chapter 76A. (Added 2005, No. 183 (Adj. Sess.), § 12; amended 2013, No. 199 (Adj. Sess.), §§ 8, 9; 2015, No. 57, § 71, eff. June 11, 2015; 2019, No. 71, § 4; 2019, No. 131 (Adj. Sess.), § 294; 2021, No. 182 (Adj. Sess.), § 5, eff. July 1, 2022; 2023, No. 181 (Adj. Sess.), § 69, eff. June 17, 2024.)