Vermont eases tax rules on dormant captives
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Vermont Gov. Peter Shumlin has signed legislation clarifying that certain types of captives, such as sponsored and industrial insured captives that are not writing any business be allowed to enter a dormant status, exempting the captives from Vermont’s minimum annual premium tax.
The measure signed Wednesday, H. 538, also allows for cells to be converted from a protected cell to an incorporated cell, allows cells to be transferred or sold, and allows cells to be converted to stand-alone captives of any type.
At year-end 2015, Vermont was the world’s third largest captive domicile — trailing only Bermuda and the Cayman Islands — and the largest in the United States with 596 captives.
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