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Governor Phil Scott vetoed a bill today/Thursday that would require the registration of home contractors just as a group of legislators, contractors and homeowners were urging him to sign the measure.
Governor proposes $90 million for state capital investment
Department of Economic Development Commissioner Joan Goldstein presented Governor Scott s Capital Investment Grant Proposal to the Senate Economic Development Committee this week. The proposal would allocate $90 million over three years for capital investment grants to businesses and non-profits. Regional Development Corporations and Regional Planning Commissions would identify eligible projects. Twenty-five million dollars would be dedicated to outdoor recreation projects.
Senators expressed concerns about how the Agency of Commerce and Community Development would select projects. Commissioner Goldstein said they would consider ready or near-ready proposals that will leverage other financing, with projects funded in every region. The RDC/RPC inventory of projects is a work in progress, and Commissioner Goldstein said she would provide a list to the committee when it is ready.
Unemployment insurance bill will increase tax burden for Vermont businesses
Without legislative intervention, Vermont businesses will experience an enormous increase in the unemployment insurance tax rate as a result of COVID-19-related claims. A Senate committee has passed a bill to delay that increase, but at the same time also voted to add significant new benefits that will further increase costs to employers.
The Unemployment Trust Fund is paid through a UI tax on business owners. Pre-COVID, the fund had a robust $500 million balance. The tax is calculated in five schedule rates, with Schedule 1 the lowest. Higher rates kick in if the trust fund balance decreases, which it has by more than 50% due to pandemic-related business shutdowns and resulting increases in unemployment. Without legislative intervention, the resulting UI tax rate jump to Schedule 5 would cost a majority of businesses $186.00 per employee, more than tripling the current contribution of $58.00 per employee.