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Senate Finance advances CHIP TIF program (S.127) amid concerns about costs and ADU/VHIP provisions
Summary
The committee voted to report S.127, a new housing tax-increment financing program (CHIP), with members asking for floor amendments and additional Joint Fiscal Office analysis on fiscal costs, definitions of "middle income," and sections affecting medical expense deductions, VHIP and ADU tax treatment.
The Senate Finance Committee voted to report S.127 favorably on March 21, moving forward a bill that would create a housing-focused tax-increment financing (TIF) program called CHIP to fund infrastructure aimed at lowering housing development costs.
Committee members and state housing officials debated who would administer the program, eligibility criteria, and potential fiscal effects on the education fund and general fund. Jessica Hartley, executive director of VEPSI, told the committee that VEPSI and its council are "ready, willing, and excited to take on any additional work associated with the CHIP program." John Russell, chair of the Vermont Economic Progress Council, said the council treats stewardship of the state's education…
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