Source: http://www.leg.state.vt.us/docs/legdoc.cfm?URL=/docs/2006/acts/ACT184.HTM
Timestamp: 2017-12-17 02:30:44
Document Index: 228761027

Matched Legal Cases: ['§ 1896', '§ 5930', '§ 5404', '§ 5930', '§ 5930', '§ 5830', '§ 293']

NO. 184. AN ACT RELATING TO THE VERMONT ECONOMIC PROGRESS COUNCIL, CREATION OF THE VERMONT ECONOMIC GROWTH INCENTIVE PROGRAM, TAX INCREMENT FINANCING DISTRICTS AND THE TOWN OF MILTON.
(f) Municipalities which have existing tax increment financing districts under subchapter 5 of chapter 53 of Title 24 shall have the authority to expand those districts and to collect all state and local property taxes on properties within the tax increment financing district and apply those revenues to repayment of debt issued to finance improvements within the tax increment financing district to the extent approved for this purpose by the Vermont economic progress council upon application by the district under procedures for approval of tax stabilization agreements under this section, and that any such action shall be included in the annual authorization limits provided in section 5930a(d)(1) of this title. A municipality that establishes a tax increment financing district under subchapter 5 of chapter 53 of Title 24 shall collect all property taxes on properties contained within the district and apply up to 75 percent of the tax increment as defined in 24 V.S.A. § 1896 to repayment of debt issued to finance the improvements and related costs for up to 20 years, if approved by the Vermont economic progress council pursuant to this section.
(c) Overall gross cap on total employment growth incentive and education tax incentive authorizations. For any calendar year, the total amount of employment growth incentives the Vermont economic progress council or the economic incentive review board is authorized to approve under 32 V.S.A.
§ 5930b and property tax stabilizations and allocations under 32 V.S.A.
§ 5404a(a) and (e) shall not exceed $10,000,000.00 from the general fund and education fund combined each year. This maximum annual amount may be exceeded by the Vermont economic progress council upon application to and approval by the Emergency Board.
(B) Biennially audit the Vermont employment growth incentive program established under 32 V.S.A. § 5930b and other applicable statutes and regulations. The audit shall include a comparative examination of the economic advancement tax incentive program and the Vermont employment growth incentives program with respect to performance measurements, program expenditure controls, the adequacy and availability of program information, and recommendations for improved accountability and fiscal controls. The auditor shall develop benchmarks, known as “best management practices” that in the judgment of the auditor need to be met so that the Vermont employment growth incentives program may be administered in the most fiscally sound and well-managed manner. The auditor’s report shall be submitted during the first quarter of the second year of each biennium to the department of taxes and the economic incentive review board established by 32 V.S.A. § 5930a(a) (except that in the second year of the 2007-2008 biennium the auditor’s report shall be submitted to the Vermont economic progress council). The department and the board (and in the 2007-2008 biennium, the council) shall review the auditor’s report and in the fourth quarter of each biennium report to the Senate Committee on Economic Development, Housing and General Affairs, the Senate Committee on Finance, the House Committee on Commerce and the House Committee on Ways and Means in response to the findings and recommendations of the auditor together with any recommendations for improvements or amendments.
(e) Each commission’s five-year plan shall identify the long-term goals for Vermont economic development and job retention in light of the local and global economic climate and for increasing the well-being of Vermonters and their communities. The plan shall identify prioritized criteria by which to evaluate legislative proposals for economic development programs in the coming five years which will best serve the goals of the five-year plan.
(1) Conduct a planning process that is open and inclusive, with
broad-based public engagement ensuring participation that is demographically and geographically representative of the state and includes input from a wide range of perspectives, expertise and interests, including the general assembly, state agencies and the administration, regional and local planning and development organizations, municipalities, the private sector, and business organizations, including owners, knowledgeable in the areas of economic interest such as agriculture, social and human services, energy, education, child care, environmental issues, science and technology, arts and culture, transportation, telecommunications, housing, workforce development, and tourism and recreation.
Sec. 17b. 32 V.S.A. § 5830b(a) is amended to read:
Sec. 17c. REPEAL
10 V.S.A. § 293 [Capitalization] is repealed.