The Senate Finance Committee began its review of the $125 million in tax increases and $6 million in increased fees passed by the House. During the run-through with Legislative Council and the Joint Fiscal Office, they raised important questions on who would be impacted and how these proposals would make Vermont compare with other states. The Chair, Sen. Ann Cummings (D-Washington), made it clear that they will welcome diverse testimony into the committee in the weeks ahead, including businesses.

The tax proposals include an increase in the Global Intangible Low Tax Income and Foreign Derived Intangible Income taxes, raising the top marginal tax rate of corporate income tax, creating a new personal income tax bracket of 11.75% starting at $500,000 of income, and a property transfer tax increase. The Vermont Chamber will continue to advocate for action that corrects systems that are not working instead of increasing taxation on residents and businesses. In doing so, we can secure Vermont’s future as a vibrant and welcoming place for all, today and tomorrow.