An act relating to Vermont tax incentives

This bill proposes multiple changes to Vermont's tax laws, including adjustments to personal income tax, meals and rooms tax, sales and use tax, property valuation, and property transfer tax. It updates the state's adoption of federal income tax laws to reflect changes through December 31, 2022, and expands the definition of taxable income to exclude certain cannabis-related deductions. The legislation also increases the income thresholds for Social Security benefit exclusions, raising limits from $50,000 to $65,000 for single filers and from $65,000 to $80,000 for married couples filing jointly. Additionally, it ensures military retirement income and survivor benefits remain excluded from taxable income. These changes directly affect Vermont residents filing state tax returns and those receiving Social Security or military retirement benefits.