§ 5930f - Vermont export tax incentive - Vermont Statutes

§ 5930f. Vermont export tax incentive

A person doing business in Vermont and one or more other states, upon obtaining the approval of the Vermont economic progress council pursuant to section 5930a of this title, may receive a credit against its income taxes imposed by this chapter.

(1) For a C corporation, the credit is in an amount equal to the difference between a calculation of its income tax under the formula for apportionment provided in section 5833 of this title and a calculation of its income tax under the formula for apportionment provided in section 5833, except that such calculation shall be determined (i) without regard to that portion of subdivision 5833(a)(3) which provides that sales of property shipped from this state are sales of tangible personal property made in this state; and (ii) by double-weighting the sales factor in subdivision 5833(a)(3).

(2) For persons other than C corporations, the credit is equal to the difference between the amount computed by applying the corporate income tax rates provided in section 5832 of this chapter to the income attributable to Vermont determined using the two apportionment methods set out in subdivision (1) of this section as if the income attributable to Vermont were taxed at the entity level. (Added 1997, No. 71 (Adj. Sess.), § 48, eff. March 11, 1998; amended 1999, No. 49, § 72, eff. June 2, 1999; 2001, No. 138 (Adj. Sess.), § 6, eff. June 21, 2002; 2003, No. 67, § 19; 2005, No. 184 (Adj. Sess.), § 4, eff. Jan. 1, 2017.)