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Senate advances broad economic development bill after committee amendments
Summary
Senate debate over S.327 centered on boosting downtown tax credits, small-business supports, brownfields remediation and an economic-corridor study; Finance trimmed one tax-credit request and Appropriations removed standalone appropriations to fold funding decisions into the budget process.
The Vermont Senate took up S.327 on March 24, a broad economic development bill that would expand downtown and village tax credits, fund small-business supports and brownfields remediation, and commission a study of a western economic corridor. Senator Clarkson (reporter for the Committee on Economic Development) presented the measure and told colleagues the goal was to "strengthen and support Vermont's businesses and to promote long-term economic growth" by investing in proven programs rather than creating new ones.
Clarkson summarized key provisions of the bill, including additional funding for the Downtown and Village Tax Credit program (the committee asked for $4 million in annual tax credits), $100,000 to bridge capacity at a small-business legal clinic until a federal reappropriation begins, and support for the Vermont Small Business Development Center, a Microbusiness Development program and a Professionals of Color network. The bill also includes $3…
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