Current News

Rep. Peter Welch on Tuesday introduced legislation to crack down on excessive Wall Street bonuses and help small businesses obtain the credit they need to survive and to create jobs. Welch unveiled the Wall Street Bonus Tax Act at a press conference Tuesday morning at Burlington International Airport as he prepared to return to Washington for the 2010 legislative year.
Welch’s bill would tax bonuses at firms that have received assistance through the Troubled Asset Relief Program at a rate of 50 percent for all compensation in excess of $50,000. Revenues generated through the tax would fund a new direct lending program administered by the Small Business Administration (SBA).

Just two weeks into the New Year, Burlington, Vermont has already surpassed the record for the snowiest January ever. The above-average snowfall, along with New England’s most powerful snowmaking system, has Vermont resorts in prime shape for skiing and snowboarding for the Martin Luther King holiday weekend.
“The nationally-reported record snowfall in Vermont has had our phones ringing off the hook,” said Ski Vermont President Parker Riehle. “Vermont’s easy highway access for all skiers and riders who live within a day’s drive of our mountains means more people can play more, travel less and get here quickly with all their luggage intact. And, with snow in the forecast nearly every day this week, all of Vermont’s ski trails will be in top form for the long holiday weekend.”

A recent federal report ranks Vermont the top state in per capita use of Federal Historic Tax Credits to rehabilitate historic buildings and 10th in the nation overall – rising from 12th overall last year. A total of 34 rehabilitation projects with a total construction value of more than $23 million received $4.6 million in federal tax credits last fiscal year.
State officials credit the decision several years ago to require those seeking state historic Downtown Tax Credits to first get Federal Historic Tax Credits with putting Vermont to consistently within or just outside the top ten states nationally for use of the credits, despite its small size.
“This linkage allows building owners to layer the state and federal credits on a single project,” said Commerce and Community Development Secretary Kevin Dorn, “There is always risk in the rehabilitation of an older building because you never know what you will find when peeling back the layers.”

Rep. Peter Welch and fellow House members from northern New England and New York today called on President Obama to fully fund the Northern Border Regional Commission (NBRC) in his upcoming fiscal year 2011 budget.
“The NBRC is perfectly primed to provide the economic boost northern Vermont and neighboring states need. By funding local economic development projects throughout the region, we can not only jumpstart local economies but lay the groundwork for long-term investment in the region,” Welch said.
On November 11, 2009, the White House nominated Sandford Blitz as the first federal co-chairman of the NBRC, which was recently appropriated $1.5 million to begin operations. The NBRC was created by legislation co-authored by Welch and passed into law in the summer of 2008.

Waitsfield Cable has purchased the local affiliate of Resort Sports Network (RSN), Mad TV12, from Valley residents Dori Ingalls and Ian Sweet. Airing on Waitsfield Cable channel 12, Mad TV12 offers a mix of RSN national shows geared toward outdoor enthusiasts and visitors to the Mad River Valley and Bolton Valley.
According to Gregg Haskin, President and CEO for Waitsfield Cable, “Mad TV12 has great content that fits well with the outdoor recreation focus of the Mad River Valley and the three ski areas where we provide cable television service. We wanted to ensure that this channel remained available to our cable customers.”

Kellwood Company, a leading designer, manufacturer and marketer of premier fashion brands, today announced that it has acquired ISIS, an award-winning outdoor company focused on the large and growing market for women’s performance and casual apparel based in Burlington. Terms of the deal, which was completed through Kellwood’s American Recreation Products business, were not disclosed. According to Vermont Business Magazine, ISIS employs 17. ISIS co-founder Carolyn Cooke said the stylish women's clothier will remain at its current location and be run essentially as an independent company. She said the relationship with Kellwood will give ISIS an opportunity to grow and expand its marketing reach.

On January 11, 2010 the Central Vermont Public Service Corporation (NYSE: CV) Board of Directors approved the following resolution: "That out of reserved and unrestricted earnings of the Company a quarterly dividend at the rate of twenty-three cents ($.23) per share is hereby declared on the issued and outstanding shares of Common Stock, $6 Par Value, payable February 15, 2010 to stockholders of record at the close of business February 5, 2010."
Source: CVPS. RUTLAND, VT -- 01/11/10 --

During a visit to Milton s Ascension Technology Monday, U.S. Senator Patrick Leahy got a firsthand look at the work Ascension Technology, Milton s Omni Medical Systems, and Georgia (Vt.)-based Liquid Measurement Systems (LMS) are delivering for the Department of Defense using $8.4 million in Leahy-secured funding for research and development. Leahy met with the firms leadership and economic development professionals from the Greater Burlington Industrial Corporation and the Franklin County Industrial Development Corporation to commend the firms continued success in the difficult economy and the impressive track record of the firms 93-person workforce.

Following the termination of service by the Ticonderoga Ferry, the New York State Department of Transportation has announced increased bus service to assist commuters who previously used the Champlain Bridge. The following is an update from NYSDOT regarding those transportation changes around the area of the former bridge, which was demolished December 28.
Construction of the new temporary ferry continues to be fast-tracked in order to reestablish a consistent transportation connection between New York and Vermont across Lake Champlain at Crown Point.
As you already know, the Ti Ferry was unable to obtain insurance to continue its service past January 3, 2010. Since New York State can not insure a private company, and since all the marine insurers approached by the Ti Ferry declined to provide insurance, the Ti Ferry is now uninsured and cannot operate.

Vermont residents may now obtain an Enhanced Drivers License (EDL) at the Burlington office of the Vermont Department of Motor Vehicles, which is located at 1193 North Avenue. Until recently, the only place an EDL was available was in Montpelier. The Rutland DMV began issuing EDLs in December, and now the service is available in Burlington.
An EDL provides Vermonters with all the motor-vehicle privileges of a normal drivers license, but it has the added advantage of being recognized by the United States federal government as proper documentation to cross the Canadian border by either land or sea.
“Many Vermonters have inquired about obtaining an EDL, but for many the trip to Montpelier was just too much trouble,” said Vermont DMV Commissioner Robert Ide. “Employees at the Rutland and Burlington offices now have received the extensive training necessary to issues this passport-type document.”

General Electric Aviation in Rutland, Vt., was awarded $11.9 million in tax credits for a clean energy manufacturing project, Sens. Patrick Leahy (D-Vt.) and Bernie Sanders (I-Vt.) and Rep. Peter Welch (D-Vt.) announced today. GE Aviation will take advantage of the tax credit to buy machinery and equipment for manufacturing a new aircraft engine designed to significantly reduce greenhouse gas emissions and reduce fuel consumption.
The award to the Vermont manufacturer was one of 183 for projects in 43 states that will share in $2.3 billion in advanced energy manufacturing tax credits. The investment tax credits, worth up to 30 percent of each planned project, will leverage private capital for a total investment of nearly $7.7 billion in high-tech manufacturing in the United States.

Governor Jim Douglas and Lieutenant Governor Brian Dubie where joined by Senator Economic Development Committee Chair Vince Illuzzi and committee members Senator Tom Ashe and Senator Bill Carris today to roll out a bill that would use federal stimulus money for job creation programs. The announcement was made at a press conference held at an economic outlook conference where Governor Douglas was speaking.
This $8.6 million investment of federal stimulus funds will help train workers, provide capital for businesses, and assist our farmers and tourism-related businesses, the Governor said. We must dedicate ourselves to putting the economic strength of Vermonters first and I am pleased that Senator Illuzzi and his committee will move quickly on these proposals.