Statement from Governor Phil Scott on Tax Increment Financing Expansion Bill

Montpelier, Vt. – Governor Phil Scott today issued the following statement:

“S.127 is a bill that expands Tax Increment Financing (TIF) to empower smaller, more rural towns to take advantage of this impactful economic development tool. Currently, due to complexity, only our bigger towns and cities have the capacity and resources to do so. 

“S.127 passed the full Senate and then went through two House committees. Unfortunately, the House Committee on Ways and Means (tax committee) is proposing significant changes, making it harder and almost impossible for small towns with limited resources to take advantage of this tool, which will limit the housing and economic development they desperately need.

“Vermonters asked us to fix problems and make it easier for rural communities with limited resources to revitalize their economies. The House Ways and Means changes will undoubtedly have the opposite effect. I hope legislators, especially those from rural communities, will amend the bill when a vote takes place by the entire House of Representatives. The expansion of the TIF program, as originally proposed, will help lift up all corners of Vermont, from Readsboro to Richford.”

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