Both legislative chambers gave a final seal of approval to the economic development bill Saturday.
The final package included a last minute addition: $100,000 from the enterprise fund to lure in Quebec companies that are looking to expand across the border. The new section came in late Friday night, according to Rep. Sam Young, D-Glover, a member of the panel that finalized the legislation.
“It’s actually a probably good use of the money,” Young said, noting the favorable exchange rate between the U.S. and Canadian dollar.
Young heard from the business community that Canadian companies have been inquiring about expanding south of the border, and he thinks now is a good time to put resources into attracting business from Quebec.
“There’s definitely interest and I’d say let’s capitalize on it,” Young said.
In the final stretch, House and Senate lawmakers ironed out differences between the two chamber’s bills, including on the Vermont Economic Growth Incentive. The bill includes an investment in economic development marketing that is stepped back from the initial House proposal, and also repeals the cloud tax.
The legislation includes a measure from the House that would offer an incentive to first-time homebuyers.
When Sen. Kevin Mullin, R-Rutland, reported the bill on the floor, he said that one portion of the bill will help the state to attract tech savvy companies.
“We need to get the message out that Vermont is an innovative place to do business as well,” Mullin said.
Overall, Mullin told the Senate that, in his view, the bill shows that lawmakers are devoted to economic development. In the long run, the investments could have other benefits for Vermont, according to Mullin.
“We will provide opportunities to people, and when people have jobs they need a lot less state programs,” Mullin said.
After the bill passed, Lt. Gov. Phil Scott lauded the package as a “first step.”
“While S.138 is not the complete answer to all of Vermont’s economic problems, it is a strong springboard for the work we still must do,” Scott said in a statement after the bill passed. “Over the coming months I hope legislators of all stripes will put forth numerous ideas, and introduce legislation, in order to grow Vermont’s economy.”
