Vermont § 7490 - Payment and collection of deficiencies and assessments; jeopardy notices

§ 7490. Payment and collection of deficiencies and assessments; jeopardy notices

• (a) Upon notification to a taxpayer of any deficiency, and upon assessment against the
  taxpayer of any penalty or interest, under sections 3202 and 3203 of this title, the amount of the assessment shall be payable forthwith and the amount of the deficiency
  and assessment shall be collectible by the Commissioner 30 days after the date of
  the notification or assessment. The collection by the Commissioner of the deficiency,
  penalty, or interest shall be stayed: (1) if within 30 days after the notification of deficiency or the assessment under sections
  3202 and 3203 of this title the taxpayer files a petition for determination by the Commissioner in accordance
  with section 7487 of this title, collection shall be stayed until 30 days after the notification of the taxpayer
  of the determination; and (2) if within 30 days of the notification of determination the taxpayer files a notice
  of appeal in such manner as the Supreme Court may by rule provide, collection shall
  be stayed pending judgment of the Court upon the appeal; and (3) under such further circumstances and upon such terms as the Commissioner prescribes. (b) Notwithstanding subsection (a) of this section, the Commissioner, if he or she believes
  the collection from a taxpayer of any deficiency, penalty, or interest to be in jeopardy,
  may demand in writing that the taxpayer pay the deficiency, penalty, or interest forthwith.
  The demand may be made concurrently with or after the notice of deficiency or the
  assessment of penalty or interest given to the taxpayer under sections 3202 and 3203 of this title. The amount of deficiency, penalty, or interest shall be collectible by the Commissioner
  on the date of the demand, unless the taxpayer files with the Commissioner a bond
  in an amount equal to the deficiency, penalty, or interest sought to be collected
  as security for such amount as finally may be determined. In the event that it is
  finally determined that the taxpayer was not liable for the amount of the deficiency,
  penalty, or interest referred to in any demand under this subsection, the Commissioner
  shall reimburse the taxpayer promptly upon such determination for the reasonable cost
  to the taxpayer of any bond obtained by him or her for the purposes of this subsection. (Added 1969, No. 269 (Adj. Sess.), § 1, eff. date, see note under § 7401 of this title; amended 1971, No. 185 (Adj. Sess.), § 230, eff. March 29, 1972; 1979, No. 105 (Adj. Sess.), § 22; 2017, No. 113 (Adj. Sess.), § 192.)