2011 Vermont Code
Title 32 Taxation and Finance
Chapter 5 BUDGET
§ 312 Tax expenditure report

§ 312. Tax expenditure report

(a) For purposes of this section, "tax expenditure" shall mean the actual or estimated loss in tax revenue resulting from any exemption, exclusion, deduction, or credit applicable to the tax.

(b) Tax expenditure reports. Biennially, as part of the budget process, beginning January 15, 2009, the department of taxes and the joint fiscal office shall file with the house committees on ways and means and appropriations and the senate committees on finance and appropriations a report on tax expenditures in the personal and corporate income taxes, sales and use tax, and meals and rooms tax, insurance premium tax, bank franchise tax, education property tax, diesel fuel tax, gasoline tax, motor vehicle purchase and use tax, and such other tax expenditures for which the joint fiscal office and the tax department jointly have produced revenue estimates. Legislative council shall also be available to assist with this tax expenditure report. The report shall include, for each tax expenditure, the following information:

(1) A description of the tax expenditure.

(2) The most recent fiscal information available on the direct cost of the tax expenditure in the past two years.

(3) The date of enactment of the expenditure.

(4) A description of and estimate of the number of taxpayers directly benefiting from the expenditure provision.

(c) [Deleted.] (Added 2005, No. 75, { 26; amended 2005, No. 207 (Adj. Sess.), { 23, eff. May 31, 2006; 2007, No. 190 (Adj. Sess.), { 24, eff. June 6, 2008; 2009, No. 160 (Adj. Sess.), { 1, eff. June 4, 2010; 2011, No. 45, { 36k, eff. May 24, 2011.)