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Vermont Statutes Title 32. Taxation and Finance, § 5855. Payments as tax liability

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Any payment of estimated tax required to be made under the provisions of this subchapter shall be deemed to be a tax liability for the purposes of this chapter. All of the provisions of this chapter, including the provisions governing interest and penalties for nonpayment of tax liabilities, liens, levies, and appeals, shall apply to underpayments of estimated tax except as such provisions conflict with the express provisions of this subchapter.

(b) No interest or penalty shall be assessed for underpayment of estimated tax for any taxable year if:

(1) the tax shown on the return for such taxable year (or, if no return is filed, the tax), reduced by the amount deducted and withheld for the taxable year under subchapter 4 of this chapter, is less than $500.00; or

(2) the preceding taxable year was a taxable year of 12 months and the taxpayer did not have any liability for tax for the preceding taxable year.

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Cite this article: FindLaw.com - Vermont Statutes Title 32. Taxation and Finance, § 5855. Payments as tax liability - last updated January 01, 2024 | https://codes.findlaw.com/vt/title-32-taxation-and-finance/vt-st-tit-32-sect-5855/

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