2013 Vermont Statutes
Title 32 Taxation and Finance
Chapter 151 INCOME TAXES
§ 5851 Definitions
5851. Definitions
As used in this subchapter:
(1) "Tax" means, for any taxpayer and for any taxable year, the income tax liability of the taxpayer for that taxable year under section 5822 of this title, reduced by any allowable credits against such tax.
(2) "Required annual payment" means the lesser of:
(A) 90 percent of the tax shown on the return for the taxable year (or, if no return is filed, 90 percent of the tax for such year); or
(B) 100 percent of the tax shown on the return of the taxpayer for the preceding taxable year, if the preceding year was a taxable year of 12 months and the taxpayer filed a return for such preceding taxable year. (Added 1966, No. 61 (Sp. Sess.), 1, eff. Jan. 1, 1966; amended 1985, No. 266 (Adj. Sess.), 4, eff. June 4, 1986; 1989, No. 119, 3, eff. June 22, 1989.)
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