VT H0135

Updates Vermont's adoption of federal income tax laws from December 31, 2023 to December 31, 2024, and requires married couples who file jointly on federal returns to file jointly on Vermont returns unless the Commissioner allows otherwise

Expands the Vermont Child Tax Credit eligibility from children five years or younger to children six years or younger, maintaining the $1,000 per qualifying child credit amount

Increases Social Security income exclusion thresholds by $5,000 across all filing statuses (e.g., single filers from $50,000 to $55,000, married filing jointly from $65,000 to $70,000) and creates a new full exclusion for U.S. military survivor benefit income

Raises property valuation hearing officer compensation from a maximum of $150 per diem to $38.00 per hour plus cost-of-living adjustments, and increases the Downtown and Village Center Tax Credit cap from $3 million to $5 million annually

Extends the flood-related property tax abatement reimbursement program deadline from November 15, 2024 to November 15, 2025, and expands eligible disaster dates from July 1–October 15, 2023 to July 1, 2023–December 31, 2024