Bill > H0398

This bill makes comprehensive revisions to the Vermont Economic Development Authority (VEDA) by modifying its statutory powers, procedures, and objectives. The bill expands the definition of eligible facilities to include any trade or business enterprise and allows for broader types of capital improvements and asset purchases. It removes several outdated definitions and provisions related to mortgage insurance, streamlining the Authority's operations. The bill significantly updates the criteria for financial assistance, establishing a more nuanced approach to evaluating economic development projects. Key changes include establishing new objectives for funding, such as creating employment opportunities, promoting sustainable economic development, encouraging entrepreneurial activity, and supporting projects that reduce climate change effects. The bill also creates a new Disaster Recovery Loan Fund within VEDA to provide financial assistance to businesses after disasters, with specific consultation requirements and guidelines for fund administration. Additionally, the bill redesignates and modifies the Vermont Jobs Fund, clarifying its purpose and expanding its potential uses. The changes appear designed to give VEDA more flexibility in supporting economic development across Vermont, with a particular emphasis on sustainable, community-sensitive, and environmentally conscious projects. The bill is set to take effect on July 1, 2025.

Budget and Finance, Business and Industry

https://legislature.vermont.gov/bill/status/2026/H.398