United States

Vermont: Budget Bill Includes Conformity Update

Jul 09, 2018
From KPMG TaxWatch

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Vermont’s budget bill, which became law on July 2, 2018 without the Governor’s signature, includes a provision that updates the state’s conformity to the Internal Revenue Code. Specifically, Vermont now adopts the statutes of the United States relating to the federal income tax as in effect on December 31, 2017, but without regard to federal income tax rates. The conformity update is effective retroactively on January 1, 2018 and applies to tax years beginning on or after January 1, 2017. Please stay tuned to TWIST for future conformity updates.

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The following information is not intended to be "written advice concerning one or more federal tax matters" subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.

The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.