Terms Used In Vermont Statutes Title 8 Sec. 1804

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See

§ 1804. Tax exempt status

Being an institution of public welfare created primarily to increment, augment, and increase sources of taxation within the State, and, in order to induce continuing public support to the corporation, earnings of the corporation shall be exempt from State income taxes, and the holder or holders of any security issued by the corporation shall, in like manner, be exempt from payment of income taxes on dividends or interest paid thereon. (Added 1969, No. 64, § 1, eff. Jan. 1, 1970.)