Downtown and Village Center Redevelopment Incentives Enhanced
The Downtown and Village Center redevelopment tax credits were increased for the coming year and the financial instruments available to property redevelopers awarded credits were expanded. These tax incentives are among the most effective state public investments and are a strong tool for economic stimulus. Historic redevelopment in our town centers are labor intensive, which means jobs for Vermonters; it supports our local economies; and often adds underutilized property to our tax rolls. With our legislative partner Preservation Trust of Vermont, we successfully urged lawmakers to dedicate $100K of one time federal stimulus funds to increase the $1.7M annual cap on these credits. Lawmakers also enacted a change in the law that adds insurance companies to the list of corporations eligible to purchase tax credits from downtown project owners. This will help smaller property owners. Special thanks to Senators Illuzzi, Ashe and Cummings and the Senate Economic Development and Finance Committees and the House Ways and Means Committee.