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Committee discusses VEGI enhancement for employee-owned firms; decides to defer detailed action to next year
Summary
The Senate committee reviewed a proposal to make employee-owned firms eligible for an enhanced Vermont Economic Growth Incentive (VEGI) benefit but voted to defer detailed action until next year.
The Senate Economic Development, Housing & General Affairs Committee discussed S.88, a proposal to allow employee-owned businesses to qualify for an enhanced benefit under the Vermont Economic Growth Incentive (VEGI) program.
Jessica Hartleben, executive director of the Vermont Economic Progress Council (VEPC), briefed the committee on the proposal'as she summarized it, the bill would allow employee-owned firms to be eligible for the same VEGI enhancements that are available under the labor market area (LMA) or green-VEGI criteria. Hartleben explained the existing VEGI structure: "in an LMA enhancement situation, if a business is in an applies for an initial VEGI, they receive that initial VEGI; they're entitled to that 80/20 split provided…
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