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BILL AS INTRODUCED 2007-2008

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H.100

Introduced by Representative Obuchowski of Rockingham

Referred to Committee on

Date:

Subject:  Economic development; Connecticut River; tourism

Statement of purpose:  This bill proposes to create the Connecticut River valley development zone consisting of municipalities that border the Connecticut and Passumpsic rivers and additional municipalities deemed appropriate by the agency of commerce and community development.  A Connecticut River valley development fund is also created, under which municipalities in the Connecticut River valley development zone shall be eligible to receive disbursements to:  promote travel and tourism; encourage economic development and investment; create and retain employment; and improve public facilities in support of tourism or economic development.  The fund shall include one percent of the revenues from the state sales and use tax.  The allocation to the general fund is reduced from two‑thirds of revenues from the sales and use tax to 66 percent of revenues.  The allocation to the education fund is reduced from one-third of revenues from the sales and use tax to 33 percent of revenues.  An advisory committee also is created to review disbursements from the fund.

AN ACT RELATING TO THE PROMOTION OF TOURISM AND ECONOMIC DEVELOPMENT IN THE CONNECTICUT RIVER VALLEY

It is hereby enacted by the General Assembly of the State of Vermont:

Sec. 1.  10 V.S.A. chapter 29, subchapter 4 is added to read:

Subchapter 4.  Connecticut River Valley Economic Development Zone

§ 699c.  CONNECTICUT RIVER VALLEY ECONOMIC DEVELOPMENT

              ZONE

There is created the Connecticut River valley economic development zone consisting of all municipalities bordering on the Connecticut and Passumpsic rivers and additional municipalities deemed appropriate by the agency of commerce and community development.

§ 699d.  CONNECTICUT RIVER VALLEY ECONOMIC DEVELOPMENT

              FUND

(a)  A fund to be known as the Connecticut River valley economic development fund is created in the state treasury to be expended by the secretary of commerce and community development.  The fund shall consist of:

(1)  one percent of the revenues raised from the sales and use tax imposed by chapter 233 of Title 32;

(2)  such sums as may be appropriated or transferred to the fund by the general assembly, the state emergency board, or the joint fiscal committee during such times that the general assembly is not in session;

(3)  private gifts, bequests, and donations made to the state for any of the purposes for which the fund was established; and

(4)  other funds from any public or private source intended for use for any of the purposes for which the fund has been established.

(b)  After application by a municipality located in the Connecticut River valley economic development zone, the secretary may authorize disbursements from the fund to promote travel and tourism; encourage economic development and investment; create and retain employment; and improve public facilities in support of tourism or economic development.  The secretary may prescribe by rule any form of application or procedure required of a municipality for disbursement.

(c)  The secretary shall establish a Connecticut River valley development zone advisory committee to review disbursements from the fund and to evaluate the effectiveness of the fund in meeting its purposesThe membership of the advisory committee shall include one member from each municipality within the zone.  Any member shall serve for a term of three years.

§ 699e.  ANNUAL REPORT

The secretary of commerce and community development shall annually submit a report on the Connecticut River valley development fund to the general assembly.

Sec. 2.  16 V.S.A. § 4025(a) is amended to read:

§ 4025.  EDUCATION FUND

(a)  An education fund is established to be comprised of the following:

* * *

(6)  One-third 33 percent of the revenues raised from the sales and use tax imposed by chapter 233 of Title 32.

Sec. 3.  32 V.S.A. § 435(b)(11) is amended to read:

(b)  The general fund shall be composed of revenues from the following sources:

* * *

(11)  Two-thirds 66 percent of the revenue from sales and use taxes levied pursuant to chapter 233 of this title;



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us