Vermont Statutes Annotated — Title 32 (Taxation and Finance)

32 V.S.A. § 3334

Enhanced incentive for a business in a qualifying labor market area

Official textlegislature.vermont.gov10 subsections

# (a)

The Council may increase the value of an incentive for a business that is located in a labor market area in which:

# (1)

the average annual unemployment rate is greater than the average annual unemployment rate for the State; or

# (2)

the average annual wage is less than the average annual wage for the State.

# (b)

In each calendar year, the amount by which the Council may increase the value of all incentives pursuant to this section is:

# (1)

$1,500,000.00 for one or more initial approvals; and

# (2)

$1,000,000.00 for one or more final approvals.

# (c)

The Council may increase the cap imposed in subdivision (b)(2) of this section by not more than $500,000.00 upon application by the Governor to, and approval of, the Joint Fiscal Committee.

# (d)

In evaluating the Governor’s request, the Committee shall consider the economic and fiscal condition of the State, including recent revenue forecasts and budget projections.

# (e)

The Council shall provide the Committee with testimony, documentation, company-specific data, and any other information the Committee requests to demonstrate that increasing the cap will create an opportunity for return on investment to the State.

# (f)

The purpose of the enhanced incentive for a business in a qualifying labor market area is to increase job growth in economically disadvantaged regions of the State, as provided in subsection (a) of this section. (

Last amended: Added 2015, No. 157 (Adj. Sess.), § H.1, eff. Jan. 1, 2017; amended 2017, No. 69, § A.1, eff. June 28, 2017.)

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