Lieutenant Governor Phil Scott issued the following statement in response to the House and Senate passage of S138.“Paving the way toward a more prosperous future for Vermont requires putting our full focus on growing the economy," Scottsaid. "Today, with the passage of S138, the Vermont House and Senate took a solid first step down that path. This bill makes it easier for entrepreneurs to access capital, repeals the cloud tax, provides assistance to first-time homebuyers, invests in marketing Vermont as a place to live, work and play, facilitates the creation of a trained, modern workforce, and starts discussions at both the regional and statewide levels on a number of fiscal priorities.
“Some of these priorities were both inspired and reinforced by members of Vermont’s business community at six ‘Economy Pitch’ sessions around the State. They deserve our thanks for providing proactive solutions to our problems, as do the legislators who crafted, refined and voted for this bill.
“While S.138 is not the complete answer to all of Vermont’s economic problems, it is a strong springboard for the work we still must do. Over the coming months I hope legislators of all stripes will put forth numerous ideas, and introduce legislation, in order to grow Vermont’s economy. We must continue to remember we are all members of the same team, the team of 625,000 called ‘Vermont,’ and all play a role in shaping a more prosperous future.”
The bill includes:
- 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);
- 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
- An economic development branding and marketing initiative to complement and supplement our tourism marketing efforts - including a $200,000 appropriation to create and implement it.
- An increase in our Licensed Lender limit from $75,000 to $250,000.
- The elimination of the sales tax on prewritten software accessed remotely (cloud tax);
- A Vermont-Quebec Enterprise Initiative to recruit and expand into Vermont Canadian businesses interested in a US location - including a $100,000 appropriation to fund the program; and