VEPC authorizes $8.3 million in job creation incentives for 10 companies
The Vermont Economic Progress Council authorized $8.3 million in incentives under the Vermont Employment Growth Incentive (VEGI) program in 2011, which will encourage the creation of 988 new jobs in Vermont.
Hoffer: VEGI program needs more scrutiny
Hoffer pointed out that “Concern about internal controls is always warranted but this narrow question ignores the elephant in the room. That is, the current and former business incentive programs (VEGI and the Economic Advancement Tax Incentives, EATI) have cost the state $50 – $100 million in foregone revenue and we don’t know if they were sound long-term investments.” Hoffer noted that the current recession affords an opportunity to find out.
Hoffer: Douglas determined to serve vested interests
We need leaders willing and able to analyze real problems instead of trying to fit everything into prefabricated boxes.
Three Firms Get Preliminary OK For $12.5 Million In Job Creation Incentives
The companies, if they grow in or locate in Vermont, could create 815 new jobs over the next five years, according to officials with the Vermont Economic Progress Council.
Bartlett: VEGI Encourages Good Jobs
“Until the company has created the jobs, the jobs have been filled and folks have been working for a specific time period, the incentive is not paid.”
Video: Emergency Board delays decision to raise business incentive cap
The existing cap on incentives is $10 million; the Department of Economic, Housing and Community Development recommends raising the limit to $25 million.
