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Tax Break Tracker Individual Entry

Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.

Effected JurisdictionVermont
Jurisdiction type: State
Fiscal year ending In2018
Program nameVermont Downtown and Village Center Tax Credit Program
Program purpose: Historic Preservation
Statutory authority: 32 V.S.A. 5930cc
Abating jurisdiction(s): State of Vermont
Applicable taxesPersonal Income Tax; Corporate Income Tax; Bank Franchise Tax; Insurance Premium Tax
Method of abatement: Tax Credit
Provisions for recapture: If, within five years after completion of the qualified project the applicant shall be liable for a recapture penalty in an amount equal to the total Tax Credit claimed if the Vermont Downtown Development Board finds that any work performed on the qualified project is inconsistent with the approved application; or the applicant knowingly failed to supply any information, or supplied incorrect or untrue information or failed to comply with any award condition; or in the case of the Historic Rehabilitation Tax Credit, the National Park Service revokes certification for unapproved alterations or for work not done as described in the Historic Preservation certification application.
Gross revenue loss: $1,075,684
Reimbursement / offset: $0
Net revenue loss: $1,075,684
Type of loss: Active
Additional notes on dislosure(none)
Document sourcehttps://auditor.vermont.gov/reports/audit/financial