Vermont Downtown and Village Center Tax Credit Program - Flood Mitigation Tax Credit

How it works

A qualified applicant can claim a state tax credit for a qualified flood mitigation project after State Board approval. The credit is applied against Vermont individual income tax, corporate income tax, bank franchise tax, or insurance premiums tax liability.

What the money covers

The statute defines a qualified flood mitigation project as any combination of structural and nonstructural changes to a qualified building that reduces or eliminates flood damage to the building or its contents. The project must comply with the municipality’s adopted flood hazard bylaw, if applicable.

Amounts and matching

• 50% of qualified expenditures.
• Maximum credit: $100,000.

How to apply

The statute says the applicant needs approval by the State Board. It also requires a certificate of completion to be submitted by a registered engineer, architect, qualified contractor, or qualified local official to program staff.

Timing and deadlines

The statute excerpt does not list current application deadlines or annual funding caps on the page reviewed.