Vermont § 5855 - Payments as tax liability

§ 5855. Payments as tax liability

• (a) Any payment of estimated tax required to be made under the provisions of this subchapter
  shall be deemed to be a tax liability for the purposes of this chapter. All of the
  provisions of this chapter, including the provisions governing interest and penalties
  for nonpayment of tax liabilities, liens, levies, and appeals, shall apply to underpayments
  of estimated tax except as such provisions conflict with the express provisions of
  this subchapter. (b) No interest or penalty shall be assessed for underpayment of estimated tax for any
  taxable year if: (1) the tax shown on the return for such taxable year (or, if no return is filed, the
  tax), reduced by the amount deducted and withheld for the taxable year under subchapter
  4 of this chapter, is less than $500.00; or (2) the preceding taxable year was a taxable year of 12 months and the taxpayer did not
  have any liability for tax for the preceding taxable year. (Added 1966, No. 61 (Sp. Sess.), eff. Jan. 1, 1966; amended 1967, No. 121, § 12, eff. Jan. 1, 1968; 1985, No. 266 (Adj. Sess.), § 8, eff. June 4, 1986; 1989, No. 119, § 5, eff. June 22, 1989; 1997, No. 156 (Adj. Sess.), § 6, eff. April 29, 1998; 2001, No. 140 (Adj. Sess.), § 10, eff. June 21, 2002.)