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Category: Vermont

Vermont Credits

Credit for Taxes Paid to Another State

A credit may be allowed against 2015 Vermont income tax for income tax paid in 2015 tax year to another state or Canadian province on income that is taxed by both Vermont and the other taxing jurisdiction.


We will automatically calculate this credit for your Resident return if you have a NonResident return created in your account. If you have a Part-Year return created, you will be required to enter the information asked of you within the Vermont state program.


Vermont Higher Education Investment Credit

This credit is available only for contributions to the 529 plan administered by VT Student Assistance Corporation. Supporting Documentation is required, and includes the statement or certificate from VT Student Assistance Corporation or administrator of the plan.


You may be eligible for a tax credit on contributions made during calendar year 2015 to the VT Student Assistance Corporation higher education investment plan. The tax credit equals 10% of the first $2,500 of contributions per beneficiary. For jointly filed returns, each spouse can contribute to a beneficiary’s account and each spouse may claim the credit for his or her contributions. Contributions made by another person not listed as the account owner (except spouses filing jointly) are not eligible for the credit.


For additional information pertaining to the Vermont Higher Education Investment Credit, please see VHEIP