Vermont § 5832a - Digital business entity franchise tax

§ 5832a. Digital business entity franchise tax

• (a) There is imposed upon every business entity that qualifies as and has elected to be
  taxed as a digital business entity an annual franchise tax equal to: (1) the greater of 0.02 percent of the current value of the tangible and intangible assets
  of the company or $250.00, but in no case more than $500,000.00; or (2) where the authorized capital stock does not exceed 5,000 shares, $250.00; where the
  authorized capital stock exceeds 5,000 shares but is not more than 10,000 shares,
  $500.00; and the further sum of $250.00 on each 10,000 shares or part thereof. (b) In no case shall the tax on any corporation for a full taxable year, whether computed
  under subdivision (a)(1) or (2) of this section, be more than $500,000.00 or less
  than $250.00. (c) In the case of a corporation that has not been in existence during the whole year,
  the amount of tax due, at the foregoing rates and as provided, shall be prorated for
  the portion of the year during which the corporation was in existence. (d) In the case of a corporation changing during the taxable year the amount of its authorized
  capital stock, the total annual franchise tax payable at the foregoing rates shall
  be arrived at by adding together the franchise taxes calculated pursuant to subdivision
  (a)(2) of this section as prorated for the several periods of the year during which
  each distinct authorized amount of capital stock was in effect. (e) For the purpose of computing the taxes imposed by this section, the authorized capital
  stock of a corporation shall be considered to be the total number of shares that the
  corporation is authorized to issue without regard to whether the number of shares
  that may be outstanding at any one time is limited to a lesser number. (f) The franchise tax under this section shall be reported and paid in the same manner
  as the tax under subdivision 5832(2)(B) of this title; provided, however, that an electing corporation shall also provide the Commissioner
  with a copy of its federal tax return. (Added 2009, No. 1 (Sp. Sess.), § H.53, eff. Jan. 1, 2010.)