Vermont Statutes Title 32. Taxation and Finance, § 3618. Business personal property

(1) At 50 percent of its cost during the time that it has not been fully depreciated for federal income tax purposes under the laws of the United States. After the property has been thus depreciated, exclusive of salvage value, for federal income tax purposes, it shall be appraised at 10 percent of its cost;

(2) At its net book value during the time that it has not been depreciated to 10 percent of its cost or less for federal income tax purposes under the laws of the United States. After the property has been depreciated to 10 percent of its cost or less, exclusive of salvage value, for federal income tax purposes, it shall be appraised at 10 percent of its cost. Business personal property manufactured by the taxpayer for his or her own use, shall be valued at the net book value for federal income tax purposes under the laws of the United States. After the property has been depreciated to 10 percent of its cost or less, exclusive of salvage value, for federal income tax purposes, it shall be appraised at 10 percent of its cost.

(1) “Business personal property” means tangible personal property of a depreciable nature used or held for use in any trade, business, professional practice, transaction, activity, or occupation conducted for profit, including all furniture and fixtures, apparatus, tools, implements, books, machines, boats, construction devices, and all personal property used or intended to be used for the production, processing, fabrication, assembling, handling, or transportation of anything of value, or for the production, transmission, control, or disposition of power, energy, heat, light, water, or waste. “Business personal property” does not include inventory, or goods and chattels so affixed to real property as to have become part thereof, and that are therefore not severable or removable without material injury to the real property, nor does it include poles, lines, and fixtures that are taxable under sections 3620 and 3659 of this title.

(2) “Net book value” of property means the cost less depreciation of the property as shown on the federal income tax return required to be filed with the federal authorities on or nearest in advance of April 1 in any year.