§ 5832 - Tax on income of corporations - Vermont Statutes

§ 5832. Tax on income of corporations

A tax is imposed for each calendar year, or fiscal year ending during that calendar year, upon the income earned or received in that taxable year by every taxable corporation, reduced by any Vermont net operating loss allowed under section 5888 of this title, such tax being the greater of

(1) an amount determined in accordance with the following schedule:

Vermont net income of the corpo-

ration for the taxable year allo-

cated or apportioned to Vermont

under section 5833 of this title Tax

$ 0-10,000.00 6.00%

10,001.00-25,000.00 $600.00 plus 7.0% of the excess

over $10,000.00

25,001.00 and over $1,650.00 plus 8.5% of the excess

over $25,000.00

or

Subdivision (2) effective until January 1, 2010; see also subdivision (2) set out below.

(2)(A) $75.00 for small farm corporations. "Small farm corporation" means any corporation organized for the purpose of farming, which during the taxable year is owned solely by active participants in that farm business and receives less than $100,000.00 gross receipts from that farm operation, exclusive of any income from forest crops; or

(B) $250.00 for all other corporations.

Subdivision (2) effective January 1, 2010; see also subdivision (2) set out above.

(2)(A) $75.00 for small farm corporations. "Small farm corporation" means any corporation organized for the purpose of farming, which during the taxable year is owned solely by active participants in that farm business and receives less than $100,000.00 gross receipts from that farm operation, exclusive of any income from forest crops; or

(B) An amount determined in accordance with section 5832a of this title for a corporation which qualifies as and has elected to be taxed as a digital business entity for the taxable year; or

(C) $250.00 for all other corporations. (Added 1966, No. 61 (Sp. Sess.), § 1, eff. Jan. 1, 1966; amended 1969, No. 144, § 10, eff. June 1, 1969; 1973, No. 270 (Adj. Sess.), § 1, eff date, see note set out below; 1983, No. 144 (Adj. Sess.), § 3, eff. April 12, 1984; No. 144 (Adj. Sess.), § 6(b), eff. Jan. 1, 1988; 1991, No. 32, § 31, eff. May 18, 1991; No. 67, § 26c, eff. June 19, 1991; 1997, No. 60, § 73, eff. June 26, 1997; 2003, No. 152 (Adj. Sess.), §§ 3, 4, eff. June 7, 2004; 2005, No. 207 (Adj. Sess.), §§ 14, 16, eff. May 31, 2006; 2009, No. 1 (Sp. Sess.), § H.52, eff. Jan. 1, 2010.)