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Vermont Statutes Title 32. Taxation and Finance, § 7442a. Imposition of a Vermont estate tax and rate of tax

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

(a) A tax is hereby imposed on the transfer of the estates of decedents as prescribed by this chapter.

<Text of subsec. (b) effective until January 1, 2020.>

(b) The tax shall be computed as follows. The following rates shall be applied to the Vermont taxable estate:

Amount of Vermont Taxable Estate

Rate of Tax

Under $2,750,000.00

None

$2,750,000.00 or more

16 percent of the excess over $2,750,000.00

The resulting amount shall be multiplied by a fraction not greater than one, where the numerator of which is the value of the Vermont gross estate plus the value of gifts under 32 V.S.A. § 7402(14)(C) with a Vermont situs, and the denominator of which is the federal gross estate plus the value of gifts under subdivision 7402(14)(C) of this title.

<Text of subsec. (b) effective January 1, 2020, and applies to estates of decedents with a date of death on or after that date.>

(b) The tax shall be computed as follows. The following rates shall be applied to the Vermont taxable estate:

Amount of Vermont Taxable Estate

Rate of Tax

Under $4,250,000.00

None

$4,250,000.00 or more

16 percent of the excess

over $4,250,000.00

The resulting amount shall be multiplied by a fraction not greater than one, where the numerator of which is the value of the Vermont gross estate plus the value of gifts under 32 V.S.A. § 7402(14)(C) with a Vermont situs, and the denominator of which is the federal gross estate plus the value of gifts under subdivision 7402(14)(C) of this title.

<Text of subsec. (b) effective January 1, 2021, and applies to estates of decedents with a date of death on or after that date.>

(b) The tax shall be computed as follows. The following rates shall be applied to the Vermont taxable estate:

Amount of Vermont Taxable Estate

Rate of Tax

Under $5,000,000.00

None

$5,000,000.00 or more

16 percent of the excess

over $5,000,000.00

The resulting amount shall be multiplied by a fraction not greater than one, where the numerator of which is the value of the Vermont gross estate plus the value of gifts under subdivision 7402(14)(C) of this title with a Vermont situs, and the denominator of which is the federal gross estate plus the value of gifts under subdivision 7402(14)(C) of this title.

(c) All values shall be as finally determined for federal estate tax purposes.

(d) Repealed.

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Cite this article: FindLaw.com - Vermont Statutes Title 32. Taxation and Finance, § 7442a. Imposition of a Vermont estate tax and rate of tax - last updated January 01, 2024 | https://codes.findlaw.com/vt/title-32-taxation-and-finance/vt-st-tit-32-sect-7442a/

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