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
004
:
GENERAL PROVISIONS
(Cite as: 32 V.S.A. § 7486)
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§ 7486. Time limitation on notices of deficiency and assessment of penalty and interest
(a) The Commissioner may notify a taxpayer of a deficiency with respect to the payment
of any tax liability, or assess a penalty or interest with respect thereto, in accordance
with sections 3202 and 3203 of this title, at any time within three years after the date that tax liability was originally
required to be paid under this chapter.
(b) Notwithstanding subsection (a) of this section:
(1) if the taxpayer fails to file a proper return with respect to any tax liability at
the time prescribed for its filing, the notification or assessment may be made at
any time before the end of three years after the taxpayer files such a return;
(2) if the deficiency is caused by reason of fraud or the willful intent of the taxpayer
to defeat or evade this chapter, the notification or assessment may be made at any
time;
(3) if the notice of deficiency or assessment is founded upon an assertion or determination
by the United States that the taxable gifts or estate, or estate or gift tax liability
of the taxpayer under the laws of the United States, is greater than such amount reported
on any return of the taxpayer filed under the laws of the United States, the notification
or assessment under sections 3202 and 3203 of this title may be made within the time prescribed under subsection (a) of this section, or at
any time before the expiration of six months after the date the Commissioner is notified,
in writing, by the taxpayer or by the United States of the federal assertion or determination,
whichever period is the later to expire;
(4) if the taxpayer and the Commissioner agree, the notification or assessment may be
made at any time before the date so agreed upon; and
(5) the running of the period of limitations for assessment or collection of any estate
tax imposed by this chapter shall be suspended in respect of the estate of a decedent
claiming a deduction under 26 U.S.C. § 2055(b)(2) as amended until 30 days after the expiration of the period for assessment or collection
of the tax imposed by this chapter on the estate of the surviving spouse. (Added 1969, No. 269 (Adj. Sess.), § 1, eff. date, see note under § 7401 of this title; amended 2017, No. 113 (Adj. Sess.), § 190.)