2414. Candidates for State and legislative office; disclosure form
(a) Each candidate for State office, county office, State Senator, or State Representative shall file with the officer with whom consent of candidate forms are filed, along with the candidate’s consent, a disclosure form created and maintained by the State Ethics Commission that contains the following information in regard to the previous 12 months:
(1) each source, but not amount, of personal income of the candidate and of the candidate’s spouse or domestic partner, and of the candidate together with the candidate’s spouse or domestic partner, that totals more than $5,000.00:
(A) including the candidate’s employer or business name and address; and
(B) if self-employed, a description of the nature of the self-employment, including the names of any clients whose principal business activities are regulated by or that have a contract with any municipal or State office, department, or agency, provided that this information is known to the candidate or the candidate’s domestic partner and that the disclosed information is not confidential information;
(2) any board, commission, or other entity that is regulated by law on which the candidate served and the candidate’s position on that entity;
(3)(A) any company of which the candidate or the candidate’s spouse or domestic partner, or the candidate together with the candidate’s spouse or domestic partner, owned more than 10 percent; and
(B) the details of any loan made to or by any applicable company in subdivision (A) of this subdivision (3) that is not a commercially reasonable loan made in the ordinary course of business, including any borrower and lender;
(4) any company of which the candidate or the candidate’s spouse or domestic partner, or the candidate together with the candidate’s spouse or domestic partner, had an ownership or controlling interest in any amount, and in the previous 12 months the company had business before or with any municipal or State office, agency, or department;
(5) any lease or contract with the State held or entered into by:
(A) the candidate or the candidate’s spouse or domestic partner; or
(B) a company of which the candidate or the candidate’s spouse or domestic partner, or the candidate together with the candidate’s spouse or domestic partner, owned more than 10 percent;
(6) a generalized description, but not amount, to the best of the candidate’s knowledge, of the following investments held by a candidate or the candidate’s spouse or domestic partner:
(A) individual stock holdings valued at $25,000.00 or more, which a candidate exercises control over or has the ability to buy or sell, which shall be listed individually;
(B) interests in investment funds valued at $25,000.00 or more that a candidate or the candidate’s spouse or domestic partner has the ability to exercise control over the composition of assets within a fund, which shall be listed individually;
(C) interests in virtual currencies, as defined in 8 V.S.A. § 2500, valued at $25,000.00 or more, which shall be listed individually;
(D) interests in trusts valued at $25,000.00 or more, which shall be listed individually;
(E) municipal or State bonds issued in the State of Vermont valued at $25,000.00 or more, which shall be listed individually; and
(F) the details of any loan valued at $10,000.00 or more, made to the candidate or the candidate’s spouse that is not a commercially reasonable loan made in the ordinary course of business; and
(7) the full name of the candidate’s spouse or domestic partner.
(b) In addition, if a candidate’s spouse or domestic partner is a lobbyist, the candidate shall disclose that fact and provide the name of the candidate’s spouse or domestic partner and, if applicable, the name of the lobbying firm.
(c) In addition, each candidate for State office shall attach to the disclosure form described in subsection (a) of this section a copy of the candidate’s most recent U.S. Individual Income Tax Return Form 1040; provided, however, that the candidate may redact from that form the following information:
(1) the candidate’s Social Security number and that of the candidate’s spouse, if applicable;
(2) the names of any dependent and the dependent’s Social Security number;
(3) the signature of the candidate and that of the candidate’s spouse, if applicable;
(4) the candidate’s street address; and
(5) any identifying information and signature of a paid preparer.
(d)(1) A senatorial district clerk or representative district clerk who receives a disclosure form under this section shall forward a copy of the disclosure to the Secretary of State within three business days after receiving it.
(2)(A) The Secretary of State shall post a copy of any disclosure forms and tax returns the Secretary receives under this section on the Secretary’s official State website. The forms shall remain posted on the Secretary’s website until the date of the filing deadline for petition and consent forms for major party candidates for the statewide primary in the following election cycle.
(B) Prior to posting, the Secretary shall redact from a tax return the information permitted to be redacted under subsection (c) of this section, if the candidate fails to do so.
(e) As used in this section:
(1) “Commercially reasonable loan made in the ordinary course of business” means a loan made:
(A) in the usual manner on any recognized market;
(B) at the price current in any recognized market at the time of making the loan; or
(C) otherwise in conformity with reasonable commercial practices among lenders typically dealing in the type of loan made.
(2) “Confidential information” means information that is exempt from public inspection and copying under 1 V.S.A. § 315 et seq. or is otherwise designated by law as confidential.
(3) “County office” means the office of assistant judge of the Superior Court, high bailiff, judge of Probate, sheriff, or State’s Attorney.
(4) “Domestic partner” means an individual with whom the candidate has an enduring domestic relationship of a spousal nature, provided the candidate and the domestic partner:
(A) have shared a residence for at least six consecutive months;
(B) are at least 18 years of age;
(C) are not married to or considered a domestic partner of another individual;
(D) are not related by blood closer than would bar marriage under State law; and
(E) have agreed between themselves to be responsible for each other’s welfare.
(5) “Lobbyist” and “lobbying firm” have the same meanings as in 2 V.S.A. § 261.
(6) “Investment fund” means a widely held investment fund that is publicly traded or available, including a mutual fund, regulated investment company, common trust fund maintained by a bank or similar financial institution, pension or deferred compensation plan, and any other pooled investment fund.
Added 2017, No. 79, § 3, eff. Jan. 1, 2018; amended 2019, No. 67, § 10; 2023, No. 171 (Adj. Sess.), § 1, eff. Jan. 1, 2026.
