Vermont’s Only Business Incentive Program at Risk

A bill that would effectively end the Vermont Employment Growth Incentive (VEGI) program is under consideration. Vermont Chamber members Caledonia Spirits, Chroma Technologies Lawson’s Finest Liquids, and Beta Technologies all testified in continued support of the VEGI program as an economic growth strategy and encouraged legislators to use the approaching sunset as an opportunity to review and modernize the program, rather than eliminate it.  

Since its inception in 2007, VEGI has incentivized the creation of 8,812 jobs, generating over $514 million in payroll and over $1 billion in capital investments. The current legislation would pause the program during low unemployment periods, which is not a reliable indicator of true economic conditions, and effectively end the essential program. Additional testimony in support of commonsense reforms instead of disbanding the program was provided by the Vermont Chamber to the House Commerce and Economic Development Committee, and is available here.