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PTE tax allows an entity taxed as a partnership or S Corporation to make a tax payment on behalf of its partners. The business pays an elective tax of 9.3% of qualified net income to the Franchise Tax Board.
The income of S-Corporations, Partnerships and Limited Liability Companies attributable to Vermont passes through to the shareholders, partners, or members and is taxed at the individual or corporate income tax rate. Each shareholder, partner, or member must also file a Vermont Income Tax return.
PTE taxes are designed to allow passthrough business owners and shareholders to pay state taxes on their net income at the entity level, like the corporate income tax, rather than paying taxes on their profits on the personal income tax.
Vermont LLCs are taxed as pass-through entities by default, meaning the LLC itself does not pay taxes directly, but instead passes its profits on to its members. Members of the LLC then pay the state's graduated personal income tax rate that ranges from 3.35% to 8.75%.
Use myVTax, our secure online portal to file your return, make a payment electronically, or continue a previous filing. Log in to myVTax.
Email: tax.rett@vermont.gov Hours: Mon, Tue, Thu, Fri, a.m. - p.m. We can also help with questions regarding Land Gains Tax, Real Estate Withholding, Land Gains Withholding Tax, and Property Transfer Tax.
Ways to Get Your. Vermont Income Tax Forms. Download fillable PDF forms from the web. Order forms online. Order forms by email. Order forms by phone. For a faster refund, e-file your taxes! For information on free e-filing and tax assistance for qualified taxpayers, visit .tax.vermont.gov.
How does Vermont's tax code compare? Vermont has a graduated individual income tax, with rates ranging from 3.35 percent to 8.75 percent. Vermont also has a graduated corporate income tax, with rates ranging from 6.00 percent to 8.5 percent.