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Vermont opts to use a joint system to impose state income tax on its residents. In doing so, the state adheres closely to the federal government’s assessment that a family needs to be taxed as one unit. The joint system combines the income of two spouses as a single amount to be taxed.
Civil unions are recognized in the state of Vermont, which means these taxpayers are subject to the same rules as married couples. Vermont uses the taxpayer’s federal taxable income, though there are differences at the state level regarding what is not included in income.
Exemptions
Vermont follows the federal law fairly close, though the following income sources are not taxed at the state level:
- Interest from U.S. Government bonds
- Either 40% of capital gains on certain assets, or the lesser of $5,000 or the actual amount of net adjusted capital gains depending on which option is greater, though the exemption is limited by 40% of federal taxable income
- Active duty military income earned outside the state and income from full-time active duty in or related to a combat zone
- The first $2,000 of training compensation for Reservists and National Guard Members with AGI less than $50,000
- Funds from federal armed forces education loan repayment
Deductions
Using the federal standard and itemized deductions rules, Vermont allows residents to save money at tax time by claiming deductions. Vermont taxpayers can deduct the following:
- Federal targeted job program benefits
- Business expenses related to Americans with Disabilities Act compliance
- Interest and income from state telecommunications authority investments
- Student assistance corporations
- State public power supply authority
- Federal bonus depreciation adjustments
- State Build America bonds.
State and local income taxes over $5,000 are not deductible, and neither are federal income taxes.
Tax Rates
Vermont’s tax rates per filing status are as follows:
| Single Filer Taxable Income |
Tax Rate |
| $0 - $37,450 |
3.55% of income over $0 |
| $37,450 - $90,750 |
$1,329.48 plus 6.8% on anything over $37,450 |
| $90,750 - $189,300 |
$4,953.88 plus 7.8% on anything over $90,750 |
| $189,300 - $411,500 |
$12,640.78 plus 8.8% on anything over $189,300 |
| $411,500+ |
$32,194.38 plus 8.95% on anything over $411,500 |
| Married, Joint Filer Taxable Income |
Tax Rate |
| $0 - $62,600 |
3.55% of income over $0 |
| $62,600 - $151,200 |
$2,222.30 plus 6.8% on anything over $62,600 |
| $151,200 - $230,450 |
$8,247.10 plus 7.8% on anything over $151,200 |
| $230,450 - $411,500 |
$14,428.60 plus 8.8% on anything over $230,450 |
| $411,500+ |
$30,361.00 plus 8.95% on anything over $411,500 |
| Married Separate Filer Taxable Income |
Tax Rate |
| $0 - $31,300 |
3.55% of income over $0 |
| $31,300 - $75,600 |
$1,111.15 plus 6.8% on anything over $31,300 |
| $75,600 - $115,225 |
$4,123.55 plus 7.8% on anything over $75,600 |
| $115,225 - $205,750 |
$7,214.30 plus 8.8% on anything over $115,225 |
| $205,750+ |
$15,180.50 plus 8.95% on anything over $205,750 |
| Head of Household Filer Taxable Income |
Tax Rate |
| $0 - $50,200 |
3.55% of income over $0 |
| $50,200 - $129,600 |
$1,782.10 plus 6.8% on anything over $50,200 |
| $129,600 - $209,850 |
$7,181.30 plus 7.8% on anything over $129,600 |
| $209,850 - $411,500 |
$13,440.80 plus 8.8% on anything over $209,850 |
| $411,500+ |
$31,186.00 plus 8.95% on anything over $411,500 |
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