FOR IMMEDIATE RELEASE
March 24, 2010
CONTACT: Martha Hanson
802-828-2226 (O)
802-535-9684 (C)
Lt. Gov. Brian Dubie : “Legislative committee has crossed a line in the sand.”
Montpelier, VT , March 24, 2010 — Lt. Gov. Brian Dubie today called attention to a Tuesday House Ways & Means Committee vote that would cost Vermont-based manufacturers, farmers, contractor and others some $5 million should the measure become law.
The amendment to the Miscellaneous Tax Bill would deny the pass-through of a federal deduction for production, which would amount to an estimated $5 million loss that would hit small Vermont manufacturers hardest, Dubie said. The deduction has been programmed to take effect this year since passage of the American Jobs Creation Act of 2004. “ Vermont ’s employers have long planned for this,” Dubie said. “It’s unconscionable to take it away now.”
“In this depressed economy, Vermont’s small businesses need every advantage we can give them to keep them in Vermont and keep Vermonters working – especially in light of last week’s news that Burton Snowboards plans to move 43 manufacturing jobs overseas.”
He continued, “Last year, the legislature raised taxes and Vermont ’s ranking as a good place to do business went from 36th to 47th. Will we be dead-last in the next rankings?”
“Under this provision, if passed,” he said, “states that do pass along the federal deduction as planned will be in a better position than Vermont is to compete for jobs.”
Meanwhile, Dubie said, S.288, known as the Jobs Bill, still awaits final passage.
