Senate’s S.122 would boost small-business supports, expand trade offices and create new trade, venue and capital studies

Sen. Allison Clarkson, chair of the Senate Committee on Economic Development, said on April 16 that S.122, the Senate’s economic development bill, would increase a downtown and village tax credit, add funding for multiple small-business support programs, expand international trade work and set up new commissions and study groups.

The bill would raise the statutory annual cap for the downtown and village tax credit from $3,000,000 to $5,000,000 and includes line items — contingent on appropriation — for legal, advising and outreach programs aimed at Vermont’s small businesses. Clarkson described the bill as “heavily inspired by our Small Business Wednesday,” a January convening of lenders, business-support organizations and lawmakers, and urged the House Commerce & Economic Development Committee to consider the proposal and its tasks.

S.122 packages a number of targeted requests and programs. It seeks additional state funding for: the Vermont Small Business Development Center (SBDC); the Vermont Small Business Law Center at Vermont Law & Graduate School; the Vermont Professionals of Color Network (BTPOC); a microbusiness program; a film and media resource guide; outdoor recreation workforce and training; and an expanded international trade office and relationships with Quebec, Asia and Europe. The bill also would create a Vermont–Ireland Trade Commission, authorize fundraising and reporting rules for that commission, and ask the Agency of Commerce and Community Development (ACCD) to study access to capital. It would also create a task force to study feasibility of a convention center and a…