Vermont § 5830b - Tax credits; Entrepreneurs’ Seed Capital Fund

§ 5830b. Tax credits; Entrepreneurs’ Seed Capital Fund

• (a) The initial capitalization of the Entrepreneurs’ Seed Capital Fund, as established
  in 10 V.S.A. § 291, up to $7,150,000.00 raised from Vermont taxpayers on or before January 1, 2020,
  shall entitle those taxpayers to a credit against the tax imposed by section 5822, 5832, 5836, or 8551 of this title and by 8 V.S.A. § 6014. The credit may be claimed for the taxable year in which a contribution is made and
  each of the four succeeding taxable years. The amount of the credit for each year
  shall be the lesser of four percent of the taxpayer’s contribution or 50 percent of
  the taxpayer’s tax liability for that taxable year prior to the allowance of this
  credit; provided, however, that in no event shall the aggregate credit allowable under
  this section for all taxable years exceed 20 percent of the taxpayer’s contribution
  to the initial $7,150,000.00 capitalization of the Fund. The credit shall be nontransferable
  except as provided in subsection (b) of this section. (b) If the taxpayer disposes of an interest in the Fund within four years after the date
  on which the taxpayer acquired that interest, any unused credit attributable to the
  disposed-of interest is disallowed. This disallowance does not apply in the event
  of an involuntary transfer of the interest, including a transfer at death to any heir,
  devisee, legatee, or trustee, or in the event of a transfer without consideration
  to or in trust for the benefit of the taxpayer or one or more persons related to the
  taxpayer as spouse, descendant, parent, grandparent, or child. (Added 1985, No. 171 (Adj. Sess.), § 2, eff. May 7, 1986; amended 1987, No. 80, § 7, eff. June 9, 1987; 1993, No. 78, § 1; 2003, No. 164 (Adj. Sess.), § 8, eff. June 12, 2004; 2005, No. 184 (Adj. Sess.), § 17b, eff. May 24, 2006; 2009, No. 54, § 27, eff. June 1, 2009.)