Vermont Statutes Title 32. Taxation and Finance, § 8522. Alternative tax

(a) A person or corporation owning or operating a telephone line or business that received in the preceding taxable year less than $50 million in annual gross operating revenues within the State may, in lieu of the tax imposed in section 8521 of this title and any income tax imposed under chapter 151 of this title, elect to pay to the State a tax equal to the percentage as set forth herein of its entire gross operating revenues from its operations within the State for the fiscal year ending June 30. Where the gross operating revenues during the quarter exceed $250.00 and do not exceed $1,250.00, the tax shall be 2 1/4 percent; exceed $1,250.00 and do not exceed $2,500.00, the tax shall be 2 1/2 percent; exceed $2,500.00, and do not exceed $5,000.00, the tax shall be 2 3/4 percent; exceed $5,000.00 and do not exceed $10,000.00, the tax shall be 3 percent; and the rate of tax shall be increased 1/4 of 1 percent for each additional $5,000.00 or fractional part thereof of such gross operating revenue. However, the rate shall in no event exceed 5 1/4 percent of the gross operating revenues.

(b) The tax imposed by this section shall be paid to the Commissioner no later than 25 days following the last day of the third, sixth, ninth, and 12th month of each taxable year.

(c) For any taxable year, a taxpayer shall give notice of its election to pay the tax imposed by this section by filing a quarterly gross receipts tax return no later than 25 days following the last day of the third month of the taxable year. No election to pay the tax imposed by this section shall be made by a taxpayer that did not make the election in the previous year.