2017 Vermont Statutes
Title 32 - Taxation and Finance
Chapter 231 - Property Transfer Tax
§ 9610 Remittance of return and tax; inspection of returns

§ 9610. Remittance of return and tax; inspection of returns

(a) Not later than 30 days after the receipt of any property transfer return, a town clerk shall file the return in the office of the town clerk and electronically forward a copy of the acknowledged return to the Commissioner; provided, however, that with respect to a return filed in paper format with the town, the Commissioner shall have the discretion to allow the town to forward a paper copy of that return to the Department.

(b) The copies of property transfer returns in the custody of the town clerk may be inspected by any member of the public.

(c) Prior to distributions of property transfer tax revenues under 10 V.S.A. § 312, 24 V.S.A. § 4306(a), and subdivision 435(b)(10) of this title, two percent of the revenues received from the property transfer tax shall be deposited in a special fund in the Department of Taxes for Property Valuation and Review administration costs.

[Subsection (d) effective until July 1, 2039; see also subsection (d) effective until July 1, 2039 set out below.]

(d)(1) Prior to any distribution of property transfer tax revenue under 10 V.S.A. § 312, 24 V.S.A. § 4306(a), subdivision 435(b)(10) of this title, and subsection (c) of this section, $2,500,000.00 of the revenue received from the property transfer tax shall be transferred to the Vermont Housing Finance Agency to pay the principal of and interest due on the bonds, notes, and other obligations authorized to be issued by the Agency pursuant to 10 V.S.A. § 621(22), the proceeds of which the Vermont Housing and Conservation Board shall use to create affordable housing pursuant to 10 V.S.A. § 314.

(2) As long as the bonds, notes, and other obligations incurred pursuant to subdivision (1) of this subsection remain outstanding, the rate of tax imposed pursuant to section 9602 of this title shall not be reduced below a rate estimated, at the time of any reduction, to generate annual revenues of at least $12,000,000.00.

[Subsection (d) effective July 1, 2039; see also subsection (d) effective until July 1, 2039 set out above.]

(d) [Repealed.]  (Added 1967, No. 146, § 1, eff. Jan. 1, 1968; amended 1969, No. 291 (Adj. Sess.), § 17, eff. 60 days after April 9, 1970; 1971, No. 73, § 39, eff. April 16, 1971; 1987, No. 200 (Adj. Sess.), § 3; 1989, No. 119, § 27, eff. June 22, 1989; 1993, No. 210 (Adj. Sess.), § 275a, eff. June 30, 1995; 1993, No. 210 (Adj. Sess.), § 275b, eff. Oct. 1, 1994; 1995, No. 5, § 56, eff. March 3, 1995; 1995, No. 63, § 281(d), eff. June 30, 1996; 1999, No. 152 (Adj. Sess.), § 271e; 2009, No. 160 (Adj. Sess.), § 20; 2011, No. 45, § 34, eff. May 24, 2011; 2011, No. 45, § 35, eff. July 1, 2016; 2017, No. 85, § I.4; 2017, No. 85, § I.11(a)(4), eff. July 1, 2039.)