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Expanding the Manufacturing Tax Exemption
The Vermont Chamber supports the expansion of the manufacturing tax exemption, as proposed in H.437, a bill currently in the Senate Committee on Finance. The bill would exempt machinery and equipment used as an essential part of an integrated production operation and all ancillary processes between raw materials and finished goods. The benefits to manufacturers include greater compliance and fewer costly audits, savings to reinvest in workforce recruitment, new machinery and equipment, and updated technology for cybersecurity compliance. Expansion would also serve as an economic development recruitment tool and make Vermont competitive with the thirty-three other states that have similar tax exemptions.
To learn more, please contact Chris Carrigan.
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