Vermont Senate committee zeroes in on tax changes

Posted

MONTPELIER, Vt. (AP) - A committee of the Vermont Senate this week is expected to complete work on a revenue bill that, among several other changes, would limit how much a homeowner could deduct for mortgage interest when filing state income taxes.

Finance Committee Chairman Tim Ashe says the committee is looking at a range of possible caps, from $10,000 to $15,000 in how much could be deducted from taxable income.

The Vermont real estate industry is complaining that the change could hurt middle-class homeowners and chill sales of homes. But Ashe says the typical Vermont homeowner pays $7,300 in mortgage interest and so would be under the cap.

Another notable change would remove the sales tax exemption from bottled water.


TALK TO US

If you'd like to leave a comment (or a tip or a question) about this story with the editors, please email us. We also welcome letters to the editor for publication; you can do that by filling out our letters form and submitting it to the newsroom.

Powered by Creative Circle Media Solutions