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Tax Increases Proposed for Some Business and Cloud Services
The Senate Finance Committee discussed S.53 which proposes changes to corporate income tax . Included is an increase to the minimum corporate income tax rates, making it significantly more progressive for all but the smallest C Corporations. Other provisions in the bill, including a move to a single sales factor, could lower tax liabilities for C Corporations. Without the inclusion of the alternative minimum tax proposal these changes are expected to be close to revenue neutral, largely benefiting C Corporations with a physical presence in Vermont that sell out of state.
This bill also includes an amendment to create a far-reaching cloud tax, a perennial issue that the House supports but has traditionally run into opposition in the Senate. Preliminary analysis suggests the Senate will not be favorable to this new tax again this year, especially since State revenues up and there are significant federal funds to fund programs. The Vermont Chamber has successfully opposed this tax each of the last five years.
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