Joint Fiscal Office: linking Vermont to federal HR 1 could cost about $21 million; committee weighs selective decoupling Joint Fiscal Office staff told the Ways & Means committee updated federal and state data raise the estimated near‑term revenue loss from fully conforming to HR 1 to roughly $21 million, driven largely by changes to R&D deduction treatment; committee members pressed for options to decouple select provisions and asked for more tax department detail before any vote.

Vermont's decision to link with federal HR 1 could lead to a staggering $21 million revenue shortfall, sparking intense debate among lawmakers on how to best navigate the implications.

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Ways & Means reviews 50‑section miscellaneous tax bill, flags S‑corp credit repeal, transfer‑tax compliance and Fish & Wildlife fee change The Vermont House Ways & Means committee conducted a section‑by‑section review of a 50‑section miscellaneous tax bill, highlighting S‑corporation tax‑credit repeal (retroactive to 2025), new compliance authority for transfer taxes on short‑term rentals, adjustments to current‑use valuations, and a planned repeal of Fish & Wildlife fee‑setting authority with a 2027 reportback requirement.

Vermont's Ways & Means Committee just opened the door to significant tax reforms, including the repeal of S-corp credit denials and new compliance measures for transfer taxes on rentals!

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