Introduced by Representative Obuchowski of Rockingham
Subject: Taxation and finance; budgets; unified economic development budget
Statement of purpose: This bill would require the development and presentation of an annual unified economic development budget and report to the general assembly.
AN ACT RELATING TO A UNIFIED ECONOMIC DEVELOPMENT BUDGET AND REPORT
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. 32 V.S.A. § 307 is amended to read:
§ 307. FORM OF BUDGET
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(f) The governor’s budget shall also include his or her recommendations for economic development assistance programs in the form of a unified economic development budget and report. The unified economic development budget and report shall include:
(1) A review of all state economic development programs existing under current law for the previous two fiscal years, including programs providing tax incentives and tax expenditures for economic development, as well as direct grants, loans, and other assistance.
(2) The total amount of assistance and incentives provided in the previous two fiscal years for economic development as an aggregate total amount and from each assistance program or incentive.
(3) The governor’s recommendation for an annual budget for the fiscal year for all state economic development programs existing under current law and under amendments or additions thereto proposed by the governor, including programs providing tax incentives and tax expenditures for economic development, as well as direct grants, loans, and other assistance.
(4) All information required by subsections (a), (b), and (c) of this section and, in addition, shall contain an analysis of whether targeted business incentive grants, tax expenditures, and any nonmonetary business aid such as permit and regulatory assistance or other assistance and increased development of infrastructure have been efficient and cost-effective. The analysis shall consider:
(A) The types of new business attracted to the state and the kind of business and economic growth resulting therefrom;
(B) The specific grants and nonmonetary assistance which have attracted or would attract those types of business to Vermont;
(C) Recommended strategy and long-term goals for Vermont economic development and job retention, particularly in light of both domestic and global business competition;
(D) Evaluation of targeted incentives to startup and small businesses and whether these kinds of incentives advance the long-term economic development goals;
(E) Evaluation of targeted incentives to regions of the state with high unemployment, low wages, or other indications of need for economic development and job creation and whether these kinds of incentives advance the long-term economic development goals;
(F) Evaluation of Vermont tax policies and the effect of those policies on competitiveness of Vermont businesses;
(G) Recommendations regarding specific development or improvement of transportation, telecommunications, and other infrastructure.
The Vermont General Assembly
115 State Street