§ 5851. Definitions As used in this subchapter: (1) “Tax” means, for any taxpayer and for any taxable year, the income tax liability of the taxpayer for that taxable year under section 5822 of this title, reduced by any allowable credits against such tax. (2) “Required annual payment” means the lesser of: (A) 90 percent of the tax shown on the return for the taxable year (or, if no return is filed, 90 percent of the tax for such year); or (B) 100 percent of the tax shown on the return of the taxpayer for the preceding taxable year, if the preceding year was a taxable year of 12 months and the taxpayer filed a return for such preceding taxable year.
‹ Prev All Vermont sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.