Current News

Vermont is participating in conversations with other states and with software vendors, and in an abundance of caution, has immediately suspended the issuance of all personal income tax refunds temporarily as of February 4. As the tax season heats up, the Vermont Department of Taxes continues its vigilance to protect taxpayers and taxpayer money against any possible tax refund fraud, but the early signs are that states are seeing another increase in fraudulent filings this year. In fact, there are reports in other states of particularly troublesome fraud trends. Given the nature and level of fraudulent activity, concerns are being raised that a tax preparation software vendor experienced a data breach of previous year returns, however no such breach has been confirmed. The department is reviewing the situation, and will issue an update on when we will resume refunding as soon as possible.

Vermont Electric Power Company (VELCO) announces the election of Michele Nelson to serve as VELCO's Chief Financial Officer effective immediately. Nelson had been serving as the company's Vice President of Finance since 2012. The VELCO Board of Directors unanimously approved Nelson's elevation at their February 5 meeting.

In making the announcement, VELCO Board Chairman Lawrence Reilly stated: "Michele earned this promotion through her sustained performance results and continuing expansion of responsibilities. Her unparalleled expertise in regional utility rate and tariff structures,project financing options and disciplined fiscal approach are more valuable than ever as the electric industry continues to rapidly evolve."

Applicant briefings will be held during the week of February 9th for communities in Addison, Chittenden, Essex, Franklin, Lamoille, Orange, Orleans, Rutland, Washington, and Windsor counties included in the Public Assistance disaster declaration that was signed this week. The declaration covers damages which resulted from the severe winter storm from December 9-12, 2014.

The Public Assistance disaster declaration allows communities and public utilities in those counties to receive 75 percent reimbursement for storm response and recovery. Eligible costs include debris removal from public rights of way and repairs to public utilities.

Data Innovations, a provider of software for medical laboratories based in Burlington, announced today it has entered into a definitive agreement to be acquired by Roper Industries, the parent company of Sunquest Information Systems Inc, a maker of laboratory information systems. Data Innovations is a portfolio company of Battery Ventures, a global investment firm. Terms of the transaction were not disclosed.

The deal highlights Battery's continuing focus on investments in the healthcare-technology sector. In the last 10 years, Battery has invested in 19 healthcare-IT companies.

"We continue to be excited by this segment of the software market, and the acquisition of Data Innovations by Roper is one more example of the value these companies are creating," said Chelsea Stoner, a Battery general partner and Data Innovations board member.

For the third year in a row, Chittenden County has exceeded its goal for 80 percent of development occurring in areas planned for growth. In 2013, 85 percent or 373 of the total 439 units of new housing development occurred in the areas planned for growth. The goal of 80 percent was set in the 2013 ECOS Plan, the combined Regional Plan, Metropolitan Transportation Plan, and Comprehensive Economic Development Strategy for Chittenden County. It is one of 8 strategies of the Plan.

According to the Chittenden County Regional Planning Commission, this is important because focusing development of new housing in areas where the infrastructure, services, jobs, and transit options are close by will create and sustain a built environment that is more valuable. SEE MAP BELOW

Senator Patrick Leahy (D-Vermont) Wednesday joined other senators in introducing the bipartisan Small Brewer Reinvestment and Expanding Workforce Act (Small BREW Act). The legislation, sponsored by Senator Ben Cardin (D-MD) and Susan Collins (R-Maine), would recalibrate the federal beer excise tax that small brewers pay, cutting the tax nearly in half. Senator Bernie Sanders (I-Vermont) is also a cosponsor.

Governor Peter Shumlin and Transportation Secretary Sue Minter today announced the recipients of $2.1 million in federal funds for municipal grant projects under the Transportation Alternatives Program (TAP). The funding will be used for construction projects in Burlington, Jericho, St Albans, Cabot, Williston, Rutland City, Essex, Colchester, Montgomery, Enosburg Falls, and Killington.

“Investments in infrastructure are key to economic growth in Vermont,” Shumlin said. “Every little bit helps, and these investments will make a difference for communities around the state.”

Vermont Business Magazine Vermont economists are suggesting that there could be an "April Surprise" in tax revenues, as income tax filers realize that they owe more in taxes this year because they earned more than expected. But it's not April yet and the January revenue results released this morning revealed another disappointing month for the vital personal income tax. The revenue targets are based on the recently revised Consensus Revenue Forecast adopted by the Vermont Emergency Board on January 20, 2015. Preliminary General Fund (GF) revenues totaled $153.39 million for January 2015, -$1.28 million or –0.83 percent below the monthly target. Year-to-date, GF receipts are $797.34 million, -$1.28 million or –0.16 percent below the cumulative target. The results are +$23.84 million or +3.08 percent above the year-to-date results of the prior fiscal year (FY 2014).

Nutrient Management Plans or NMPs, which help farms optimize yield goals, minimize inputs and prevent runoff into streams, rivers and lakes, are legally required by both large and medium farms throughout Vermont. With the legislative session underway, and water quality a top priority for many Vermont leaders, new legislation being proposed could see small farms, of which there are thousands and which range from dairy to diversified, become required to create and implement a nutrient management plan.

Norwich University continues its Todd Lecture Series this spring with “National Security Implications of Climate Change,’’ a presentation by former Army Chief of Staff, General Gordon R. Sullivan on February 5, 2015, at 7 pm in Plumley Armory on the Northfield campus. Sullivan served as the 32nd Army Chief of Staff under Presidents Bush and Clinton. In the post, the four star general helped reengineer and downsize the US Army in the wake of the Cold War, leading it into the Information Age while facing a 40 percent budget cut.

Sullivan is the president and chief executive officer of the Association of the United States Army, headquartered in Arlington, VA.

Two prominent leaders of social change will deliver public programs next month during their graduate program residencies at Green Mountain College. Renowned Vermont author and activist Bill McKibben speaks on Monday, February 16 at 7 p.m. in the College’s Ackley Auditorium. His talk “Imagining World Communities” will address ways in which humans are reassessing traditional approaches to providing food, energy, transportation and governance in response to rapid environmental and economic changes. The following evening, author and food activist Natasha Bowens presents “The Color of Food: Stories of Race, Resilience and Farming” at 7 p.m. in the Gorge in Withey Hall. Both programs are free and open to the public.

Entergy Corporation (NYSE: ETR) today reported fourth quarter 2014 as-reported earnings of $120.1 million, or 66 cents per share, compared with $146.9 million, or 82 centsper share, for fourth quarter 2013. On an operational basis, Entergy's fourth quarter 2014 earnings were$135.3 million, or 75 cents per share, compared with $179.3 million, or $1.00 per share, in fourth quarter 2013. For the year, Entergy's as-reported earnings were $940.7 million, or $5.22 per share, and operational earnings were $1,050 million, or $5.83 per share. These results compare with 2013 as-reported earnings of $711.9 million, or $3.99 per share, and operational earnings of $957.1 million, or $5.36 per share.