The Vermont Statutes Online
The Vermont Statutes Online have been updated to include the actions of the 2023 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Title 32 : Taxation and Finance
Chapter 105 : Vermont Employment Growth Incentive Program
Subchapter 002 : Vermont Employment Growth Incentive Program
(Cite as: 32 V.S.A. § 3335)-
§ 3335. Enhanced incentive for environmental technology business
(a) As used in this section, an “environmental technology business” means a business that:
(1) is subject to income taxation in Vermont; and
(2) seeks an incentive for economic activity in Vermont that the Secretary of Commerce and Community Development certifies is primarily research, design, engineering, development, or manufacturing related to one or more of the following:
(A) waste management, including waste collection, treatment, disposal, reduction, recycling, and remediation;
(B) natural resource protection and management, including water and wastewater purification and treatment, air pollution control and prevention or remediation, soil and groundwater protection or remediation, and hazardous waste control or remediation;
(C) energy efficiency or conservation;
(D) clean energy, including solar, wind, wave, hydro, geothermal, hydrogen, fuel cells, waste-to-energy, or biomass.
(b) The Council shall consider and administer an application from an environmental technology business pursuant to the provisions of this subchapter, except that:
(1) the business’s potential share of new revenue growth shall be 90 percent; and
(2) to calculate qualifying payroll, the Council shall:
(A) determine the background growth rate in payroll for the applicable business sector in the award year;
(B) multiply the business’s full-time payroll for the award year by 20 percent of the background growth rate; and
(C) subtract the product from the payroll performance requirement for the award year.
(c) The purpose of the enhanced incentive for an environmental technology business is to promote the growth of businesses in Vermont that both create and sustain high-quality jobs and improve the natural environment. (Added 2015, No. 157 (Adj. Sess.), § H.1, eff. Jan. 1, 2017; amended 2017, No. 69, § A.1, eff. June 28, 2017.)
