Bill > S0033

This bill proposes to authorize the Vermont Economic Progress Council to establish a project-based tax increment financing (TIF) pilot program. The key provisions of the bill include: - Allowing municipalities to apply to the Vermont Economic Progress Council to use TIF financing for specific projects that serve active downtown or village center designations, rather than creating a full TIF district. Projects must meet certain criteria related to affordable housing, brownfield redevelopment, new/expanded businesses, or transportation improvements. - Limiting the pilot program to 10 total projects over 5 years, with no more than 3 projects approved per year and no more than 1 project per municipality. - Establishing the approval process the Vermont Economic Progress Council must follow to evaluate and approve TIF project applications. - Allowing municipalities to incur debt and use up to 70% of the education tax increment and at least 85% of the municipal tax increment to finance eligible project costs for up to 20 years. - Requiring annual reporting and auditing of approved TIF projects to ensure compliance and transparency. The bill aims to provide municipalities with a more flexible TIF financing tool to support targeted economic development projects, while maintaining oversight and accountability through the Vermont Economic Progress Council.

Budget and Finance, Business and Industry, Housing and Urban Affairs

https://legislature.vermont.gov/bill/status/2022/S.33