| 1 | 1 | | BILL AS INTRODUCED H.309 |
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| 2 | 2 | | 2025 Page 1 of 3 |
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| 4 | 4 | | |
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| 5 | 5 | | VT LEG #379042 v.1 |
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| 6 | 6 | | H.309 1 |
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| 7 | 7 | | Introduced by Representative Logan of Burlington 2 |
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| 8 | 8 | | Referred to Committee on 3 |
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| 9 | 9 | | Date: 4 |
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| 10 | 10 | | Subject: Taxation; income tax; Vermont Housing and Conservation Trust 5 |
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| 11 | 11 | | Fund; income tax return checkoff 6 |
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| 12 | 12 | | Statement of purpose of bill as introduced: This bill proposes to allow 7 |
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| 13 | 13 | | Vermont income taxpayers to designate funds for the Vermont Housing and 8 |
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| 14 | 14 | | Conservation Trust Fund on their Vermont income tax returns. 9 |
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| 15 | 15 | | An act relating to creating a Housing and Conservation Trust Fund checkoff 10 |
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| 16 | 16 | | on the Vermont personal income tax return 11 |
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| 17 | 17 | | It is hereby enacted by the General Assembly of the State of Vermont: 12 |
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| 18 | 18 | | Sec. 1. 32 V.S.A. § 5862g is added to read: 13 |
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| 19 | 19 | | § 5862g. VERMONT HOUSING AND CONSERVATION TRUST FUND 14 |
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| 20 | 20 | | CHECKOFF 15 |
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| 21 | 21 | | (a) Returns filed by individuals shall include, on a form prescribed by the 16 |
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| 22 | 22 | | Commissioner of Taxes, an opportunity for the taxpayer to designate funds to 17 |
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| 23 | 23 | | the Vermont Housing and Conservation Trust Fund established under 18 |
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| 24 | 24 | | 10 V.S.A. § 312. 19 BILL AS INTRODUCED H.309 |
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| 25 | 25 | | 2025 Page 2 of 3 |
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| 28 | 28 | | VT LEG #379042 v.1 |
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| 29 | 29 | | (b) Amounts designated under subsection (a) of this section shall be 1 |
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| 30 | 30 | | deducted from refunds due to, or overpayment made by, the designating 2 |
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| 31 | 31 | | taxpayer. All amounts so designated and deducted shall be deposited in an 3 |
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| 32 | 32 | | account by the Commissioner of Taxes for payment to the Vermont Housing 4 |
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| 33 | 33 | | and Conservation Trust Fund. If at any time after the payment of amounts so 5 |
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| 34 | 34 | | designated to the account it is determined that the taxpayer was not entitled to 6 |
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| 35 | 35 | | all or any part of the amount so designated, the Commissioner may assess, and 7 |
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| 36 | 36 | | the account shall then pay to the Commissioner, the amount received, together 8 |
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| 37 | 37 | | with interest at the rate prescribed by section 3108 of this title, from the date 9 |
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| 38 | 38 | | the payment was made until the date of repayment. 10 |
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| 39 | 39 | | (c) The Commissioner of Taxes shall explain to taxpayers the purpose of 11 |
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| 40 | 40 | | the account and how to contribute to it. 12 |
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| 41 | 41 | | (d) If amounts paid with respect to a return are insufficient to cover both 13 |
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| 42 | 42 | | the amount owed on the return under this chapter and the amount designated as 14 |
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| 43 | 43 | | a contribution to the Vermont Housing and Conservation Trust Fund, the 15 |
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| 44 | 44 | | payment shall first be applied to the amount owed on the return under this 16 |
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| 45 | 45 | | chapter and the balance, if any, shall be deposited in the Fund. 17 |
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| 46 | 46 | | (e) Nothing in this section shall be construed to require the Commissioner 18 |
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| 47 | 47 | | to collect any amount designated as a contribution to the Vermont Housing and 19 |
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| 48 | 48 | | Conservation Trust Fund. 20 BILL AS INTRODUCED H.309 |
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| 49 | 49 | | 2025 Page 3 of 3 |
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| 51 | 51 | | |
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| 52 | 52 | | VT LEG #379042 v.1 |
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| 53 | 53 | | Sec. 2. EFFECTIVE DATE 1 |
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| 54 | 54 | | Notwithstanding 1 V.S.A. § 214, this act shall take effect on January 1, 2 |
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| 55 | 55 | | 2025 and apply to taxable years beginning on and after January 1, 2025. 3 |
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