An act relating to the creation of a personal income tax surcharge

This bill proposes adding a 3% surcharge to the personal income tax for Vermont residents with federal adjusted gross income of $500,000 or more. The surcharge would apply in addition to existing taxes and be collected using the same process as current personal income taxes. The threshold amount would be adjusted annually for inflation based on established procedures. The bill would take effect retroactively starting January 1, 2024, and applies to taxable years on and after that date.