Vermont 2023-2024 Regular Session

Vermont House Bill H0010

Introduced
1/5/23  
Refer
1/5/23  
Refer
3/16/23  
Refer
3/14/24  
Engrossed
3/21/24  
Refer
3/26/24  
Report Pass
4/23/24  
Refer
4/23/24  
Enrolled
5/9/24  
Enrolled
5/10/24  

Caption

An act relating to amending the Vermont Employment Growth Incentive Program

Impact

The bill is set to have a profound impact on state laws regarding economic development and job creation. By placing a cutoff on the acceptance of applications for the incentive program, the bill aims to reevaluate the efficacy and necessity of such incentives in a changing economic landscape. This shift could lead to a reevaluation of public funds allocated to business incentives, promoting a more strategic approach to economic development that prioritizes sustainable growth and job retention versus mere growth in business numbers.

Summary

House Bill 0010 proposes amendments to the Vermont Employment Growth Incentive Program, specifically addressing the authority of the Vermont Economic Progress Council regarding the approval of incentives. The proposed changes would prohibit the council from accepting any applications for the Vermont Employment Growth Incentive beyond a defined cutoff date in 2025. This amendment represents a significant shift in how Vermont approaches employee incentives and business growth, aiming to restructure the framework of financial support available to companies seeking to expand operations within the state.

Sentiment

The sentiment regarding HB 0010 appears mixed among stakeholders. Supporters advocate for a targeted approach to economic incentives, believing that the proposed changes to the program could lead to more effective use of state resources and a focus on businesses that deliver genuine economic growth. Conversely, opponents express concerns that limiting access to these incentives might deter potential business investments in Vermont, potentially affecting job creation and local economies negatively.

Contention

Notable points of contention surround the perceived effectiveness of the Employment Growth Incentive Program itself. Critics argue that past incentives have not sufficiently yielded the desired outcomes in job growth or economic sustenance, while supporters claim that the modifications may lead to better oversight and more judicious use of taxpayer funds. The debate highlights the broader challenges faced by legislative bodies in balancing fiscal responsibility against the pressing need for economic development initiatives.

Companion Bills

No companion bills found.

Previously Filed As

VT B26-0184

Helping Incentivize Returning Citizen Employment (HIRE) Amendment Act of 2025

VT B26-0487

Job Growth Incentive Amendment Act of 2025

VT HB1014

Extend Colorado Job Growth Incentive Tax Credit

VT SF2301

A bill for an act relating to matters under the purview of the economic development authority, the utilities commission, and the department of education, including creation of the headquarters expansion and development for growth and employment program, and the business incentives for growth program training fund; repeal of the new jobs tax credit program; the major economic growth attraction program; load forecasting and analysis of electric transmission system expansion plans; creation of the electric transmission system expansion planning and analysis and load forecasting fund; the industrial new jobs training program; and including effective date provisions.(Formerly SSB 3103; See SF 2506.)

VT SSB3103

A bill for an act relating to matters under the purview of the economic development authority, the utilities commission, and the department of education, including creation of the headquarters expansion and development for growth and employment program, and the business incentives for growth program training fund; repeal of the new jobs tax credit program; the major economic growth attraction program; load forecasting and analysis of electric transmission system expansion plans; creation of the electric transmission system expansion planning and analysis and load forecasting fund; the industrial new jobs training program; and including effective date provisions.(See SF 2301, SF 2506.)

VT HSB755

A bill for an act relating to matters under the purview of the economic development authority, the utilities commission, and the department of education, including creation of the headquarters expansion and development for growth and employment program, and the business incentives for growth program training fund; repeal of the new jobs tax credit program; the major economic growth attraction program; load forecasting and analysis of electric transmission system expansion plans; creation of the electric transmission system expansion planning and analysis and load forecasting fund; the industrial new jobs training program; and including effective date provisions.(See HF 2799.)

VT HB4129

Labor: employment incentives; employment incentives nuclear and hydrogen graduate attraction and retention program act; create. Creates new act. TIE BAR WITH: HB 4127'25, HB 4125'25, HB 4126'25, HB 4128'25, HB 4124'25

VT H129

Relative to the healthy incentives program

VT S2611

Establishes program to incentivize hiring and continued employment of individuals with developmental disabilities.

VT SF2506

A bill for an act relating to matters under the purview of the economic development authority, the utilities commission, and the department of education, including creation of the headquarters expansion and development for growth and employment program, and the business incentives for growth program training fund; repeal of the new jobs tax credit program; the major economic growth attraction program; load forecasting and analysis of electric transmission system expansion plans; creation of the electric transmission system expansion planning and analysis and load forecasting fund; the industrial new jobs training program; establishing the new jobs training program interim study committee; the research activities credit; and including effective date provisions.(Formerly SF 2301, SSB 3103.)

Similar Bills

No similar bills found.