An act relating to local option tax revenue sharing between a town and village

H 487 would create a formal process for incorporated villages and their associated towns in Vermont to share revenue from a single local option tax adopted by the town. It directly affects towns that have implemented a local option tax and any incorporated villages located within that town's boundaries. The bill establishes a mechanism requiring the town to share a portion of this tax revenue with the village, based on a formula agreed upon by both entities. This is a procedural change to how existing local option tax revenue is distributed, not a new tax or policy.