2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 105 - Vermont Employment Growth Incentive Program › § 3331. Definitions

§ 3331. Definitions
As used in this subchapter:
(1) “Award period” means the consecutive five years during which a business may apply for an incentive under this subchapter.
(2) “Base employment” means the number of full-time Vermont jobs held by non-owner employees as of the date a business with an approved application commences its proposed economic activity.
(3) “Base payroll” means the Vermont gross salaries and wages paid as compensation to full-time Vermont jobs held by non-owner employees as of the date a business with an approved application commences its proposed economic activity.
(4) “Capital investment performance requirement” means the minimum value of additional investment in one or more capital improvements.
(5) “Jobs performance requirement” means the minimum number of qualifying jobs a business must add.
(6) “Labor market area” means a labor market area as designated by the Vermont Department of Labor.
(7) “Non-owner” means a person with no more than 10 percent ownership interest, including attribution of ownership interests of the person’s spouse, parents, spouse’s parents, siblings, and children.
(8) “Payroll performance requirement” means the minimum value of Vermont gross salaries and wages a business must pay as compensation for one or more qualifying jobs.
(9) “Qualifying job” means a new, permanent position in Vermont that meets each of the following criteria:
(A) The position is filled by a non-owner employee who regularly works at least 35 hours each week.
(B) The business provides compensation for the position that equals or exceeds the wage threshold.
(C) The business provides for the position at least three of the following:
(i) health care benefits with 50 percent or more of the premium paid by the business;
(ii) dental assistance;
(iii) paid vacation;
(iv) paid holidays;
(v) child care;
(vi) other extraordinary employee benefits;
(vii) retirement benefits; and
(viii) other paid time off, excluding paid sick days.
(D) The position is not an existing position that the business transfers from another facility within the State.
(E) When the position is added to base employment, the business’s total employment exceeds its average annual employment during the two preceding years, unless the Council determines that the business is establishing a significantly different, new line of business and creating new jobs in the new line of business that were not part of the business prior to filing its application.
(10) “Utilization period” means each year of the award period and the four years immediately following each year of the award period.
(11) “Vermont gross wages and salaries” means Medicare wages as reported on Federal Tax Form W-2 to the extent those wages are Vermont wages, excluding income from nonstatutory stock options.
(12) “Wage threshold” means the minimum amount of annualized Vermont gross wages and salaries a business must pay for a qualifying job, as required by the Council in its discretion, but not less than:
(A) 60 percent above the State minimum wage at the time of application; or
(B) for a business located in a labor market area in which the average annual unemployment rate is higher than the average annual unemployment rate for the State, 40 percent above the State minimum wage at the time of application. (Added 2015, No. 157 (Adj. Sess.), § H.1, eff. Jan. 1, 2017.)