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Major Vermont Taxes
Vermont Corporate Income Tax
The corporate income tax is a net income tax based on income allocated or apportioned to
Vermont. A $250 minimum tax applies to all active Corporations (including LLCs electing to be taxes as C-Corporation) with the exception of Small Farm Corporations, which pay a minimum tax of $75.
Note: S Corporations, Partnerships and Limited Liability Companies are subject to the Business
Entity tax.
Bonus depreciation [IRC Section 168(k)] deducted on the Federal Return is NOT available when calculating Vermont Corporation Income Tax.
Beginning with tax year 2006, groups of affiliated corporations conducting unitary business are required to file a Unitary-Combined return. See Regulation 1.5862(d).
The Department has created a worksheet and instructions to assist unitary taxpayers in calculating their Vermont Corporate Income Tax.
Beginning with tax year 2007, a Vermont Net Operating Loss (VNOL) is created. Vermont will no longer 'piggy-back' to federal NOL utilization. See Technical Bulletin 35 and 40 for details.
For Tax Year 2006: |
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Allocable to VT |
Base Tax |
Plus |
of Amt. Over |
$ 0 - 10,000 |
6.00% |
$ 0 |
|
$ 10,001 - 25,000 |
$ 600 |
7.00% |
$ 10,000 |
$ 25,001 - 250,000 |
$ 1,650 |
8.50% |
$ 25,000 |
$ 250,000 and more |
$ 21,338 |
8.9% |
$ 250,000 |
Effective beginning with taxable year 2007: |
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Allocable to VT |
Base Tax |
Plus |
of Amt. Over |
$ 0 - 10,000 |
6.00% |
$ 0 |
|
$ 10,001 - 25,000 |
$ 600 |
7.00% |
$ 10,000 |
$ 25,001 - and more |
$ 1,650 |
8.50% |
$ 25,000 |
Minimum Tax $250 |
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Exceptions:
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E-Mail the Corporate and Business Income Tax Unit
Tax Types :
- Business Entity Income Tax
- Cigarette and Tobacco Taxes
- C Corporation Income Tax
- Estate and Gift Taxes
- Fiduciary Tax
- Franchise Tax
- Fuel Gross Receipts / Petroleum Distributor
- Individual Income Tax
- Land Gains and Real Estate Withholding
- Meals and Rooms Tax
- Motor Vehicle Tax
- Property Tax
- Property Transfer Tax
- Sales and Use Tax
