(Vermont Business Magazine) The Senate passed S288, the so-called jobs bill, that will use federal stimulus funds in an effort to put Vermonters back to work and encourage small business investment. An amendment to the bill restores the Vermont Seal of Quality program. The Seal is intended to assure consumers that the product, such as maple syrup or dairy products, is a purely Vermont product. The Agency wanted to end the program because they do not have the resources to enforce the strict regulations, and without that guarantee the program is neither valid nor effective.
As for the jobs bill itself, the Senate had been chided by Governor Douglas for not moving the legislation through the process quicker. In response, the Senate passed the bill with House and Senate amendments 28-0. The title of S288 is “An act relating to the Vermont recovery and reinvestment act of 2010.”
As for the Vermont Seal of Quality, under the Senate legislation, Vermont’s Regional Economic Development organizations will consider the applications to use the seal.
“People from across the country have come to associate the Vermont Seal of Quality with quality, Vermont made brands,” said Senator Peter Shumlin. “The Seal is an effective and valuable economic development tool and I am pleased that the Senate has found a way to continue its use.”
The bill uses $8.6 million in federal stimulus funds to make investments into growing green businesses, job training and broadband expansion.
“This bill invests in the Vermont businesses that will help lead us out of the recession and back into prosperity,” said Senator Vince Illuzzi, chief sponsor of the bill and Chairman of the Senate Economic Development Committee.
The money will be invested as follows:
● $2.85 million for the Vermont Telecommunications Authority to expand broadband access ● $1 million for the Vermont Jobs Fund.● $1 million for loans to allow farmers to refinance their debt.
● $1 million for the downtown and village center tax credit program.
● $950,000 for the Vermont Training Program to provide employment training.
● $800,000 for loans to businesses harmed by the closure of the Lake Champlain Bridge
● $850,000 for an entrepreneur's seed capital fund to provide money to growing green and agriculture businesses. ● $100,000 for the Vermont Film Commission.● $50,000 to temporarily restore the Seal of Quality program, which had been suspended by the Douglas Administration.
The Senate's amendment will now be considered by the House before proceeding to the governor for his signature.
Source: Shumlin's office. 4.9.2010