Vermont § 5930cc - Downtown and Village Center Program tax credits

§ 5930cc. Downtown and Village Center Program tax credits

• (a) Historic rehabilitation tax credit. The qualified applicant of a qualified historic rehabilitation project shall be entitled,
  upon the approval of the State Board, to claim against the taxpayer’s State individual
  income tax, corporate income tax, or bank franchise or insurance premiums tax liability
  a credit of 10 percent of qualified rehabilitation expenditures as defined in 26 U.S.C. § 47(c), properly chargeable to the federally certified rehabilitation. (b) Façade improvement tax credit. The qualified applicant of a qualified façade improvement project shall be entitled, upon the approval of the State Board, to claim against the taxpayer’s State individual income tax, State corporate income tax, or bank franchise or insurance premiums tax liability a credit of 25 percent of qualified expenditures up to a maximum tax credit of $25,000.00. (c) Code improvement tax credit. The qualified applicant of a qualified code improvement project shall be entitled,
  upon the approval of the State Board, to claim against the taxpayer’s State individual
  income tax, State corporate income tax, or bank franchise or insurance premiums tax
  liability a credit of 50 percent of qualified expenditures up to a maximum tax credit
  of $12,000.00 for installation or improvement of a platform lift, a maximum credit
  of $60,000.00 for the installation or improvement of a limited use or limited application
  elevator, a maximum tax credit of $75,000.00 for installation or improvement of an
  elevator, a maximum tax credit of $50,000.00 for installation or improvement of a
  sprinkler system, and a maximum tax credit of $100,000.00 for the combined costs of
  all other qualified code improvements. (d) Flood Mitigation Tax Credit. The qualified applicant of a qualified flood mitigation project shall be entitled,
  upon the approval of the State Board, to claim against the taxpayer’s State individual
  income tax, State corporate income tax, or bank franchise or insurance premiums tax
  liability a credit of 50 percent of qualified expenditures up to a maximum tax credit
  of $100,000.00. (Added 2005, No. 183 (Adj. Sess.), § 12; amended 2013, No. 199 (Adj. Sess.), § 11; 2015, No. 57, § 72, eff. June 11, 2015; 2019, No. 71, § 4; 2021, No. 105 (Adj. Sess.), § 548, eff. July 1, 2022; 2021, No. 182 (Adj. Sess.), § 10, eff. July 1, 2022; 2023, No. 181 (Adj. Sess.), § 71, eff. June 17, 2024.)