VEPC authorizes tax incentives

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VEPC authorizes tax incentives

Thu, 07/15/2004 - 8:00pm -- tim

VEPC authorizes tax incentives
Brandons Visual Learning and Nexus Approved

MONTPELIER -- The Vermont Economic Progress Council approved applications from two Brandon companies at its May and June meetings, authorizing tax incentives for activity that will generate an estimated 128 new, full-time jobs and $4.3 million in investments. Nexus Custom Electronics, Inc. of Brandon was authorized for $258,231 in payroll, export, and capital investment credits, and Visual Learning Company of Brandon was authorized for $85,205 in payroll, export and capital investment credits.
Nexus Custom Electronics manufactures electronic components to customer specifications. The company is part of a corporation that has a similar plant in Woburn, Massachusetts. The incentives will help ensure that future investment and growth occurs in the Vermont plant. Nexus expects that new contracts and increased sales will result in job creation and investment in new machinery and equipment.
Visual Learning Company produces and markets educational science multi-media programming for elementary and middle schools around the country. The company was considering locations in New York for expansion. The incentives will ensure that the companys growth occurs in Vermont. Visual Learning expects to add new jobs and invest in an existing building in Brandon for expansion. The tax incentives were authorized based on business activity that must occur before the credits can be claimed. The Council approved the applications after reviewing nine guidelines and applying a rigorous cost-benefit analysis that projects whether the activity encouraged by the tax incentives will have a positive or negative impact on the region and state.
The Council also determined that the project would not occur or would occur in a significantly different and less desirable manner if not for the incentives being authorized.
These incentives generate good jobs that pay well and increase income levels here in Vermont, said Lawrence Miller, chair of the nine-member council of business people from around the state. "If the credits are claimed, it means that the applicant has performed as expected and invested in Vermont. The net fiscal impact is outstanding for Vermont and we're pleased to offer these incentives."