Vermont Dept of Taxes
Current Use: What it Takes
In this second article about Vermont’s Current Use program, we explore how to get started. Current Use can apply to either agricultural land or forest land. For our purposes, we will focus on forest land. As always, we endeavor to provide information…
LEGISLATIVE WRAP UP October 7, 2020
The end of the 2019-2020 legislative session came at the fall of the gavel at 6:31 pm on Friday September 25. To say that the session was challenging is an understatement. COVID-19 created an unprecedented session; however, in the end, the Legislature,…
10 Answers about Vermont’s “Current Use” Program
In this first article about Vermont’s Current Use program, we try to provide some basic facts to interested landowners. Current Use can apply to either agricultural land or forest land. For our purposes, we will focus on forest land. For many of…
Use Value Appraisal: Interpretation of the “20% Rules” for Open Idle/Ag land, Site IV lands, and Ecologically Significant Treatment Areas (ESTA)
Use Value Appraisal: Interpretation of the “20% Rules” for Open Idle/Ag land, Site IV lands, and Ecologically Significant Treatment Areas (ESTA) Approved by Commissioner Snyder October 23, 2019 Background: In all cases, parcels enrolled in the Forestry Program of Use Value Appraisal…
New Cap on Capital Gains Exclusion
Author:VT Department of Taxes | | Date:June 27, 2019New cap on capital gains exclusion The existing 40% exclusion for capital gains will be capped at $350,000 under Act 71, Sec. 1, effective July 1, 2019. This means that any gain above $875,000 will be taxed at standard income tax rates….
Federal Tax Tips 2018 Tax Year
Author:Dr. Linda Wang | Organization:U.S. Forest Service Timber Tax Specialist | Date:January 1, 2018From National Woodlands Association, Winter 2017 Issue Tax Reform Issues for Forest Landowners and the Forest Products Industry Taxes have been consistently listed as one of the top concerns for the nation’s 10+ million individual and family private forest owners. Ultimately, taxes…