INCENTIVE DESCRIPTION

State:	VT
Incentive Type:	Property Tax Incentives
Incentive Title:	Other Tax Incentives
Description:	1. BROWNFIELDS PROPERTY TAX EXEMPTION: Tax exemption on the statewide education property tax for the costs involved with the construction of new, expanded or renovated facilities on a contaminated property. 2. ALLOCATION OF PROPERTY TAX RECEIPTS: A municipality and the involved businesses may use the increased tax revenues to the state's education property tax to finance economic development and infrastructure projects for 10 years. 3. PROPERTY TAX STABILIZATION AGREEMENTS: The municipality enters into an agreement with the business to stabilize the incremental tax on the property. In some cases, Vermont Economic Progress Council must authorize. 4. CONSTRUCTION-IN-PROGRESS PROPERTY TAX EXEMPTION: A business may ask the Vermont Economic Progress Council to authorize an exemption from the state education grand list for unfinished for real property, excluding the land. Facilities may be newly unfinished or under renovation or expansion and less than 75% complete.
Eligibility Requirements:	1. Sites must have received designation by the Vermont Agency of Natural Resources. 2. & 3. Must have Vermont Econommic Progress Council Approval. 4. Building must not be in use by April of the applicable tax year and may not exceed 2 years.
Geographic Restrictions:	Statewide
Granting Authority:	Vermont Economic Progress Council

The information which you have reviewed is a summary of the benefits and savings which may be available for your company. To receive a more detailed analysis of valuable opportunities for your company, please forward your contact information to Larry Kramer at lkramer@incentisgroup.com

Impotant Legal Information Information is provided in summary form and should not be considered legal, investing, or other business advice. Its receipt does not create a relationship between Incentis Group and recipient. All information is believed to be accurate at the time of printing but should not be relied upon, and no decisions should be made, without consulting the full text of the applicable statutes and seeking independent counsel. Incentis Group and FastFacility make no representation as to the eligibility of a company or person to receive any incentives.