The omnibus economic development bill that contains several Vermont Chamber priorities, such as business grants, relocation incentives, and marketing funding, finally passed the Senate after the Senate Economic Development, Housing, and General Affairs Committee added a study of a state and local tax (SALT) deduction cap workaround to the already lengthy bill. This tax relief measure would have either a net neutral or positive impact on state revenues and would provide relief to many businesses. An earlier attempt to add sports betting didn’t succeed, but may be added by the House as the bill advances.

Meanwhile, the Department of Labor testified in the House Commerce and Economic Development Committee again to the strain that the planned $25 supplemental weekly unemployment insurance benefit would put on the aging mainframe system. The Committee considered less onerous alternatives to reduce staff time and costs, including a possible tax credit for unemployment insurance income. Yet to be resolved are the total amount allowable in the budget for these initiatives and ones contained in the omnibus workforce development bill. The Vermont Chamber will work to ensure there is enough funding for both important measures. Contact Amelia Seman to learn more about this bill or share how a SALT deduction cap workaround would impact you or your business.