§ 7442a. Imposition of a Vermont estate tax and rate of tax

(a) A tax is hereby imposed on the transfer of the estates of decedents as prescribed by this chapter.

[Subsection (b) effective until January 1, 2020; see also subsection (b) as effective January 1, 2020 and January 1, 2021].

(b) The tax shall be computed as follows. The following rates shall be applied to the Vermont taxable estate:

Amount of Vermont Taxable Estate               Rate of Tax

Under $2,750,000.00                                      None

$2,750,000.00 or more                                    16 percent of the excess over

$2,750,000.00

The resulting amount shall be multiplied by a fraction not greater than one, where the numerator of which is the value of the Vermont gross estate plus the value of gifts under 32 V.S.A. § 7402(14)(C) with a Vermont situs, and the denominator of which is the federal gross estate plus the value of gifts under subdivision 7402(14)(C) of this title.

[Subsection (b) effective January 1, 2020; see also subsection (b) as effective until January 1, 2020 set out above, and subsection (b) as effective January 1, 2021].

(b) The tax shall be computed as follows. The following rates shall be applied to the Vermont taxable estate:

Amount of Vermont Taxable Estate               Rate of Tax

Under $4,250,000.00                                      None

$4,250,000.00 or more                                    16 percent of the  excess over

$4,250,000.00

The resulting amount shall be multiplied by a fraction not greater than one, where the numerator of which is the value of the Vermont gross estate plus the value of gifts under 32 V.S.A. § 7402(14)(C) with a Vermont situs, and the denominator of which is the federal gross estate plus the value of gifts under subdivision 7402(14)(C) of this title.

[Subsection (b) effective January 1, 2021; see also subsection (b) as effective until January 1, 2020, and as effective until January 1, 2021].

(b) The tax shall be computed as follows. The following rates shall be applied to the Vermont taxable estate:

Amount of Vermont Taxable Estate               Rate of Tax

Under $5,000,000.00                                      None

$5,000,000.00 or more                                    16 percent of the  excess over

$5,000,000.00

The resulting amount shall be multiplied by a fraction not greater than one, where the numerator of which is the value of the Vermont gross estate plus the value of gifts under 32 V.S.A. § 7402(14)(C) with a Vermont situs, and the denominator of which is the federal gross estate plus the value of gifts under subdivision 7402(14)(C) of this title.

(c) All values shall be as finally determined for federal estate tax purposes.

(d) [Repealed.]

(Added 1979, No. 140 (Adj. Sess.), § 1; amended 1995, No. 29, § 11, eff. April 14, 1995; 2001, No. 140 (Adj. Sess.), § 12, eff. June 21, 2002; 2009, No. 1 (Sp. Sess.), § H.31; 2009, No. 160 (Adj. Sess.), § 33a; 2015, No. 146 (Adj. Sess.), § 2, eff. Jan. 1, 2016; 2017, No. 73, § 8, eff. Jan. 1, 2016; 2017, No. 113 (Adj. Sess.), § 189; 2019, No. 71, § 5, eff. Jan. 1, 2020; 2019, No. 71, § 6, eff. Jan. 1, 2021.)