Vermont Statutes
Chapter 151 - Income Taxes
§ 5930bb. Eligibility and administration

§ 5930bb. Eligibility and administration
(a) Qualified applicants may apply to the State Board to obtain the tax credits provided by this subchapter for a qualified project at any time before the completion of the qualified project.
(b) To qualify for any of the tax credits under this subchapter, expenditures for the qualified project must exceed $5,000.00.
(c) Application shall be made in accordance with the guidelines set by the State Board.
(d) Notwithstanding any other provision of this subchapter, qualified applicants may apply to the State Board at any time prior to June 30, 2013 to obtain a tax credit not otherwise available under subsections 5930cc(a)-(c) of this title of 10 percent of qualified expenditures resulting from damage caused by a federally declared disaster in Vermont in 2011. The credit shall only be claimed against the taxpayer’s State individual income tax under section 5822 of this title. To the extent that any allocated tax credit exceeds the taxpayer’s tax liability for the first tax year in which the qualified project is completed, the taxpayer shall receive a refund equal to the unused portion of the tax credit. If within two years after the date of the credit allocation no claim for a tax credit or refund has been filed, the tax credit allocation shall be rescinded and recaptured pursuant to subdivision 5930ee(6) of this title. The total amount of tax credits available under this subsection shall not be more than $500,000.00 and shall not be subject to the limitations contained in subdivision 5930ee(2) of this subchapter.
(e) Availability of Neighborhood Development Area tax credits. Beginning on July 1, 2025, under this subchapter no new tax credit may be allocated by the State Board to a qualified building located in a neighborhood development area unless specific funds have been appropriated for that purpose. (Added 2005, No. 183 (Adj. Sess.), § 12; amended 2011, No. 143 (Adj. Sess.), § 22; 2013, No. 199 (Adj. Sess.), § 10; 2017, No. 69, § H.9, eff. June 28, 2017; 2021, No. 182 (Adj. Sess.), § 6, eff. July 1, 2022.)

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