VT S0282

Creates a personal income tax surcharge of 2% on adjusted gross income exceeding $250,000 and an additional 6% surcharge on income exceeding $500,000, effective retroactively to January 1, 2026

Establishes a new 4% wealth proceeds tax on net investment income for individuals with taxable income over $200,000 (single), $250,000 (married filing jointly), or $125,000 (married filing separately), effective January 1, 2027

Creates a new "nonhomestead residential" property tax classification for non-owner-occupied residential properties, taxed at double the homestead rate ($2.00 vs $1.00 per $100 of equalized value), effective January 1, 2028

Establishes the School Construction Aid Special Fund, funded by half of the revenue from the nonhomestead residential property tax, to support school construction projects, facilities master planning grants, and emergency aid

Requires the Commissioner of Taxes to collect property classification data in 2027 and publish guidance by August 1, 2027 to implement the new four-tier property classification system (homestead, nonhomestead nonresidential, nonhomestead residential, nonhomestead seasonal)