Vermont § 5015 - Tax exemption

§ 5015. Tax exemption

• (a) All bonds or notes issued under this chapter are issued by a body corporate and politic
  of this State and for an essential public and governmental purpose. Those bonds and
  notes, and the interest on them and the income from them, including any profit on
  their sale, and all activities of the Authority and fees, charges, funds, revenues,
  incomes, and other monies of the Authority whether or not pledged or available to
  pay or secure the payment of those bonds or notes, or interest on them, are exempt
  from all taxation, franchise fees, or special assessments of whatever kind except
  for transfer, inheritance, and estate taxes. (b) The Authority is not required to make or file any reports, statements, or informational
  returns required of any utility or other bodies corporate except as provided in this
  chapter. (c) Real and personal property, situated within the State and owned by the Authority shall
  be exempt from property taxation. The Authority shall, in lieu of property taxes,
  pay to any governmental body authorized to levy local property taxes the amount that
  would be assessable as local property taxes on the real and tangible personal property
  if that property were the property of a utility. These payments shall be due, and
  bear interest if unpaid, as in the case of taxes on the property of a utility. For
  purposes of these payments in lieu of taxes, the assessors of the taxing authority
  shall make a valuation and assessment of the property and determine the tax that would
  be assessable if the property were owned by a utility. Payments in lieu of taxes made
  under this chapter shall be treated in the same manner as taxes for the purposes of
  all procedural and substantive provisions of law, including appeals, applicable to
  assessment and taxation of real and personal property, collection, and abatement of
  these taxes and the raising of public revenues. (Added 1979, No. 78, § 3; amended 2023, No. 85 (Adj. Sess.), § 450, eff. July 1, 2024.)