§ 30901 - Taxation - Vermont Statutes

§ 30901. Taxation

Any credit union organized under this or any other credit union statute and all shares and deposits therein shall be exempt from all taxation imposed by this jurisdiction before or after the enactment of this section or any taxing authority within this jurisdiction, and no law which taxes corporations in any form, or the shares or deposits thereof, or the accumulations thereon, shall apply to any credit union, except that any real property and any tangible personal property owned by any credit union shall be subject to taxation to the same extent as other similar property is taxed. However, this exception shall not permit the imposition of any sales or use taxes on the credit union. The shares of any credit union shall not be subject to transfer taxes, either when issued or when transferred from one member to another. The participation by a credit union in any government programs providing unemployment, Social Security, old age pension, or other benefits shall not be deemed a waiver of the taxation exemption hereby granted. (Added 2005, No. 16, § 1, eff. July 1, 2005.)