Vermont Statutes Annotated — Title 32 (Taxation and Finance)

32 V.S.A. § 7473

Allocation of payments

# (a)

Any payment received by the Commissioner from any taxpayer with respect to a tax liability of the taxpayer may be applied to any tax liability in the following order of priority, notwithstanding any direction by the taxpayer to the contrary:

# (1)

first, against any portion of any tax liability initially incurred with respect to a preceding taxable year, with the portion incurred with respect to the earliest preceding taxable year to be satisfied before any portion incurred with respect to any succeeding taxable year; and

# (2)

next, against any portion of any tax liability incurred with respect to the current taxable year.

# (b)

As to each portion, the payment shall be applied as follows:

# (1)

first, to the amount of any interest;

# (2)

next, to the amount of any penalty;

# (3)

next, to the amount of any fee; and

# (4)

next, to the amount of any unpaid tax, incurred with respect to the taxable year. (

Last amended: Added 1969, No. 269 (Adj. Sess.), § 1, eff. date, see note under § 7401 of this title; amended 2021, No. 105 (Adj. Sess.), § 560, eff. July 1, 2022.)

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