This tax credit seeks to provide financial assistance to seniors and persons who are disabled with little tax-exempt retirement or disability income. If you qualify for the federal Credit for the Elderly or the Disabled, you can take the respective state tax credit. This tax credit is available to elderly or permanently and totally disabled persons who meet specific qualifications:
- you are age 65 or older; or
- you retired on permanent and total disability and have taxable disability income
- and your income is not more than certain limits.
Credit Amount: The Vermont tax credit is 24% of the federal Credit for the Elderly or the Disabled.
Credit Limitation: You must be eligible for and receive the Federal tax credit. This credit is nonrefundable.
To find out if you qualify, please contact us.