The Vermont House of Representatives today passed a wide ranging economic development bill (S138) that offers new support for both employers and employees in an effort to strengthen Vermont's economy. Highlights of the bill include: assistance for first time homebuyers; bolstering Vermont's VEGI program; creating more access to capital for small businesses; funding for economic development marketing; strengthening career technical education and workforce training; and better integration of disabled workers in the workforce.
House Speaker Shap Smith offered the following statement: "Thank you to Chairman Botzow, Vice Chair Marcotte and the Commerce and Economic Development Committee for their hard work in taking these significant steps to make Vermont's economy even stronger.”
The bill includes:
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Changes to the Vermont Economic Growth Incentive (VEGI) to ensure more Vermont companies are able to take advantage of this program that has more than proved its worth in helping to create jobs (lowering the wage threshold to $12.81 in regions of the state with a half-point higher-than-average unemployment rate);
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A first-time homebuyer down payment assistance program of $5,000 to help young professionals around the state into home ownership through the creation of a revolving loan fund; and
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An economic development branding and marketing initiative to complement and supplement our tourism marketing efforts - including a $500,000 appropriation to create and implement it.
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An increase in our Licensed Lender limit from $75,000 to $250,000.
The restoration of the Research and Development Tax Credit, which advocates said has been a great tool for our advanced manufacturing and high-tech businesses, failed to muster support.
The Senate would have to sign off on the final House version.