Downtown and Village Center Program tax credits — code improvement tax credit

How it works

A qualified applicant of a qualified code improvement project may, with State Board approval, claim a credit against Vermont individual income tax, State corporate income tax, or bank franchise or insurance premiums tax liability.

What the money covers

The statute specifically includes installation or improvement of a platform lift, a limited use or limited application elevator, an elevator, and a sprinkler system. It also covers the combined costs of all other qualified code improvements.

Amounts and matching

• Credit amount: 50% of qualified expenditures.
• Maximum credit: $12,000 for installation or improvement of a platform lift.
• Maximum credit: $60,000 for installation or improvement of a limited use or limited application elevator.
• Maximum credit: $75,000 for installation or improvement of an elevator.
• Maximum credit: $50,000 for installation or improvement of a sprinkler system.
• Maximum credit: $100,000 for the combined costs of all other qualified code improvements.

How to apply

Approval by the State Board is required before the credit can be claimed.

Timing and deadlines

The statute page does not state an application deadline. Credit is available upon approval of the State Board.