VT H0759

Replaces Vermont's current graduated income tax system (rates of 3.35% to 8.75%) with a flat 13% income tax rate on federal adjusted gross income for individuals, estates, and trusts, effective January 1, 2027

Repeals 12 existing tax types including education property tax, sales and use tax, estate and gift taxes, property transfer tax, meals and rooms tax, health care claims tax, child care contribution, and local option taxes

Creates a refundable low-income relief credit of up to $1,000 (or 50% of tax liability) for taxpayers with income at or below 150% of the federal poverty level

Repeals the corporate income tax and eliminates 10 personal income tax credits including the earned income tax credit, child tax credit, and child and dependent care credit

Requires annual General Fund transfers to the Education Fund, with up to $100,000,000 annually designated for a local education stabilization fund to support rural and low-property-value school districts