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Senate Finance approves H93 draft 1.2 after substituting scholarship-granting rules and PVR/TIF clarifications
Summary
The committee voted to approve draft 1.2 of H93, which replaces tax language with Senate Education’s S161 on scholarship-granting organizations (including reporting and audit provisions), adds clarifying PVR valuation language for communications property, adjusts a downtown village tax credit to $3.5 million, and restates Burlington waterfront tax-increment provisions.
The Senate Finance Committee approved draft 1.2 of H93 after reviewing a set of staff changes that incorporate several substantive provisions.
Committee staff explained that Ways & Means language on scholarship-granting organizations (SGOs) was replaced with Senate Education’s S161. Under the substituted language, the governor may annually submit a list of Vermont organizations that meet federal and state criteria to the U.S. Treasury under 26 U.S.C. §25F. The Vermont additions require eligible SGOs to be 501(c)(3) nonprofits focused on providing educational opportunities to economically underprivileged students, limit scholarships to programs…
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