Vermont Adopts Captive Overhaul The state of Vermont's House and Senate, this month, unanimously passed legislation revamping the domicile's captive laws and legislation that will lower the taxes that captives have to pay.
Vermont's governor, Republican James Douglas, signed the legislation into law on June 4.
This marks the first time since 1981 that the regulatory statutes were completely revised and updated, said Leonard D. Crouse, who was promoted to deputy director of the captive division. The statutes, now, “are easier to read,” he said, noting that many piecemeal changes had been made over the years.
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