Vermont § 2414 - Candidates for State and legislative office; disclosure form [Subsection

§ 2414. Candidates for State and legislative office; disclosure form [Subsection

• (a) effective until January 1, 2026; see also subsection (a) effective
  January 1, 2026 set out below.] (a) Each candidate for State office, State Senator, or State Representative shall file
  with the officer with whom consent of candidate forms are filed, along with his or
  her consent, a disclosure form prepared by the State Ethics Commission that contains
  the following information in regard to the previous calendar year: (1) Each source, but not amount, of personal income of the candidate and of his or her
  spouse or domestic partner, and of the candidate together with his or her spouse or
  domestic partner, that totals more than $5,000.00, including any of the sources meeting
  that total described as follows: (A) employment, including the employer or business name and address and, if self-employed,
  a description of the nature of the self-employment without needing to disclose any
  individual clients; and (B) investments, described generally as “investment income.” (2) Any board, commission, or other entity that is regulated by law or that receives funding
  from the State on which the candidate served and the candidate’s position on that
  entity. (3) Any company of which the candidate or his or her spouse or domestic partner, or the
  candidate together with his or her spouse or domestic partner, owned more than 10
  percent. (4) Any lease or contract with the State held or entered into by: (A) the candidate or his or her spouse or domestic partner; or (B) a company of which the candidate or his or her spouse or domestic partner, or the
  candidate together with his or her spouse or domestic partner, owned more than 10
  percent. [Subsection (a) effective January 1, 2026; see also subsection (a) effective until
  January 1, 2026 set out above.] (a) Each candidate for State office, county office, State Senator, or State Representative
  shall file with the officer with whom consent of candidate forms are filed, along
  with the candidate’s consent, a disclosure form created and maintained by the State
  Ethics Commission that contains the following information in regard to the previous
  12 months: (1) each source, but not amount, of personal income of the candidate and of the candidate’s
  spouse or domestic partner, and of the candidate together with the candidate’s spouse
  or domestic partner, that totals more than $5,000.00: (A) including the candidate’s employer or business name and address; and (B) if self-employed, a description of the nature of the self-employment, including the
  names of any clients whose principal business activities are regulated by or that
  have a contract with any municipal or State office, department, or agency, provided
  that this information is known to the candidate or the candidate’s domestic partner
  and that the disclosed information is not confidential information; (2) any board, commission, or other entity that is regulated by law on which the candidate
  served and the candidate’s position on that entity; (3)(A) any company of which the candidate or the candidate’s spouse or domestic partner,
  or the candidate together with the candidate’s spouse or domestic partner, owned more
  than 10 percent; and (B) the details of any loan made to or by any applicable company in subdivision (A) of
  this subdivision (3) that is not a commercially reasonable loan made in the ordinary
  course of business, including any borrower and lender; (4) any company of which the candidate or the candidate’s spouse or domestic partner,
  or the candidate together with the candidate’s spouse or domestic partner, had an
  ownership or controlling interest in any amount, and in the previous 12 months the
  company had business before or with any municipal or State office, agency, or department; (5) any lease or contract with the State held or entered into by: (A) the candidate or the candidate’s spouse or domestic partner; or (B) a company of which the candidate or the candidate’s spouse or domestic partner, or
  the candidate together with the candidate’s spouse or domestic partner, owned more
  than 10 percent; (6) a generalized description, but not amount, to the best of the candidate’s knowledge,
  of the following investments held by a candidate or the candidate’s spouse or domestic
  partner: (A) individual stock holdings valued at $25,000.00 or more, which a candidate exercises
  control over or has the ability to buy or sell, which shall be listed individually; (B) interests in investment funds valued at $25,000.00 or more that a candidate or the
  candidate’s spouse or domestic partner has the ability to exercise control over the
  composition of assets within a fund, which shall be listed individually; (C) interests in virtual currencies, as defined in 8 V.S.A. § 2500, valued at $25,000.00 or more, which shall be listed individually; (D) interests in trusts valued at $25,000.00 or more, which shall be listed individually; (E) municipal or State bonds issued in the State of Vermont valued at $25,000.00 or more,
  which shall be listed individually; and (F) the details of any loan valued at $10,000.00 or more, made to the candidate or the
  candidate’s spouse that is not a commercially reasonable loan made in the ordinary
  course of business; and (7) the full name of the candidate’s spouse or domestic partner. [Subsection (b) effective until January 1, 2026; see also subsection (b) effective
  January 1, 2026 set out below.] (b) In addition, if a candidate’s spouse or domestic partner is a lobbyist, the candidate
  shall disclose that fact and provide the name of his or her spouse or domestic partner
  and, if applicable, the name of his or her lobbying firm. [Subsection (b) effective January 1, 2026; see also subsection (b) effective until
  January 1, 2026 set out above.] (b) In addition, if a candidate’s spouse or domestic partner is a lobbyist, the candidate
  shall disclose that fact and provide the name of the candidate’s spouse or domestic
  partner and, if applicable, the name of the lobbying firm. [Subsection (c) effective until January 1, 2026; see also subsection (c) effective
  January 1, 2026 set out below.] (c) In addition, each candidate for State office shall attach to the disclosure form described
  in subsection (a) of this section a copy of his or her most recent U.S. Individual
  Income Tax Return Form 1040; provided, however, that the candidate may redact from
  that form the following information: (1) the candidate’s Social Security number and that of his or her spouse, if applicable; (2) the names of any dependent and the dependent’s Social Security number; and (3) the signature of the candidate and that of his or her spouse, if applicable. [Subsection (c) effective January 1, 2026; see also subsection (c) effective until
  January 1, 2026 set out above.] (c) In addition, each candidate for State office shall attach to the disclosure form described
  in subsection (a) of this section a copy of the candidate’s most recent U.S. Individual
  Income Tax Return Form 1040; provided, however, that the candidate may redact from
  that form the following information: (1) the candidate’s Social Security number and that of the candidate’s spouse, if applicable; (2) the names of any dependent and the dependent’s Social Security number; (3) the signature of the candidate and that of the candidate’s spouse, if applicable; (4) the candidate’s street address; and (5) any identifying information and signature of a paid preparer. [Subsection (d) effective until January 1, 2026; see also subsection (d) effective
  January 1, 2026 set out below.] (d)(1) A senatorial district clerk or representative district clerk who receives a disclosure
  form under this section shall forward a copy of the disclosure to the Secretary of
  State within three business days of receiving it. (2)(A) The Secretary of State shall post a copy of any disclosure forms and tax returns he
  or she receives under this section on his or her official State website. The forms
  shall remain posted on the Secretary’s website until the date of the filing deadline
  for petition and consent forms for major party candidates for the statewide primary
  in the following election cycle. (B) Prior to posting, the Secretary shall redact from a tax return the information permitted
  to be redacted under subsection (c) of this section, if the candidate fails to do
  so. [Subsection (d) effective January 1, 2026; see also subsection (d) effective until
  January 1, 2026 set out above.] (d)(1) A senatorial district clerk or representative district clerk who receives a disclosure
  form under this section shall forward a copy of the disclosure to the Secretary of
  State within three business days after receiving it. (2)(A) The Secretary of State shall post a copy of any disclosure forms and tax returns the
  Secretary receives under this section on the Secretary’s official State website. The
  forms shall remain posted on the Secretary’s website until the date of the filing
  deadline for petition and consent forms for major party candidates for the statewide
  primary in the following election cycle. (B) Prior to posting, the Secretary shall redact from a tax return the information permitted
  to be redacted under subsection (c) of this section, if the candidate fails to do
  so. [Subsection (e) effective until January 1, 2026; see also subsection (e) effective
  January 1, 2026 set out below.] (e) As used in this section: (1) “Domestic partner” means an individual with whom the candidate has an enduring domestic
  relationship of a spousal nature, as long as the candidate and the domestic partner: (A) have shared a residence for at least six consecutive months; (B) are at least 18 years of age; (C) are not married to or considered a domestic partner of another individual; (D) are not related by blood closer than would bar marriage under State law; and (E) have agreed between themselves to be responsible for each other’s welfare. (2) “Lobbyist” and “lobbying firm” shall have the same meanings as in 2 V.S.A. § 261. [Subsection (e) effective January 1, 2026; see also subsection (e) effective until
  January 1, 2026 set out above.] (e) As used in this section: (1) “Commercially reasonable loan made in the ordinary course of business” means a loan
  made: (A) in the usual manner on any recognized market; (B) at the price current in any recognized market at the time of making the loan; or (C) otherwise in conformity with reasonable commercial practices among lenders typically
  dealing in the type of loan made. (2) “Confidential information” means information that is exempt from public inspection
  and copying under 1 V.S.A. § 315 et seq. or is otherwise designated by law as confidential. (3) “County office” means the office of assistant judge of the Superior Court, high bailiff,
  judge of Probate, sheriff, or State’s Attorney. (4) “Domestic partner” means an individual with whom the candidate has an enduring domestic
  relationship of a spousal nature, provided the candidate and the domestic partner: (A) have shared a residence for at least six consecutive months; (B) are at least 18 years of age; (C) are not married to or considered a domestic partner of another individual; (D) are not related by blood closer than would bar marriage under State law; and (E) have agreed between themselves to be responsible for each other’s welfare. (5) “Lobbyist” and “lobbying firm” have the same meanings as in 2 V.S.A. § 261. (6) “Investment fund” means a widely held investment fund that is publicly traded or available,
  including a mutual fund, regulated investment company, common trust fund maintained
  by a bank or similar financial institution, pension or deferred compensation plan,
  and any other pooled investment fund. (Added 2017, No. 79, § 3, eff. Jan. 1, 2018; amended 2019, No. 67, § 10; 2023, No. 171 (Adj. Sess.), § 1, eff. January 1, 2026.)