Downtown and Village Center Redevelopment Incentives: S.288
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 is labor intensive, which means jobs for Vermonters; it provides support for our local economies; and often adds underutilized property to our tax roles. With our legislative partner Preservation Trust of Vermont, we are urging lawmakers to include this strategy in their economic recovery bill. The Senate Economic Development Committee, chaired by Senator Vince Illuzzi, has advanced two provisions to boost this effort. First, they earmarked 100K of federal stimulus funds which would increase the total tax credits available next year to $1.8M. They also proposed that the Finance Committee support a change in the law to add insurance companies to the list of corporations eligible to purchase tax credits from downtown project owners which would help smaller property owners.
The House Commerce Committee is now reviewing S.288 and we are urging them to raise the tax credit cap to 500K. This would allow more projects to receive credits, creating more jobs and enhancing our downtowns and village centers.