This 2015 Vermont Tax Expenditure Report represents an evolving effort to catalogue
all exemptions, exclusions, deductions, credits, preferential rates or deferral of liability
as defined in 32 V.S.A. § 312 (a) applicable to the state’s major tax sources and provide
an estimate of the fiscal effect for each. Tax expenditure reporting is now in its tenth
year in Vermont and has been substantially modified to reflect more recent research
and recommended best practices.