Vermont S 327: An act relating to economic development

Bill Text

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VT LEG #390172 v.1
No. 128. An act relating to economic development.
(S.327)
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. [Deleted.]
Sec. 2. [Deleted.]
Sec. 3. [Deleted.]
Sec. 4. [Deleted.]
Sec. 5. [Deleted.]
Sec. 6. [Deleted.]
* * * Business Resources and Growth Study * * *
Sec. 7. BUSINESS RESOURCES AND GROWTH; INVENTORY; STUDY;
REPORT
(a) Business growth and development study. The Commissioner of
Economic Development, in consultation with the stakeholders set forth in
subsection (b) of this section, for the purpose of determining how the State can
better enable and support the growth of Vermont businesses, shall:
(1) clearly define each stage of business development in order to provide
business leaders, investors, and the General Assembly with an understanding
of the resources businesses need at each stage of development;
(2) identify the public and private resources available to businesses and
determine how the resources are currently communicated to businesses;

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(3) create an inventory of resources, pursuant to subdivision (2) of this
subsection, that are poised to serve businesses for each stage of development;
(4) determine how best to communicate the inventory of resources
created pursuant to subdivision (3) of this subsection to Vermonters and the
business community;
(5) determine how to better communicate succession planning options
for businesses;
(6) identify what resources are available to businesses to access capital;
(7) determine the state of capital access opportunities, including the:
(A) investment environment in Vermont and the New England
region;
(B) availability of tax credits to leverage private capital; and
(C) requirements to maintain Vermont’s Tech Hub designation; and
(8) identify investor education opportunities for high net worth
individuals interested in investing in Vermont businesses.
(b) Stakeholders. The Commissioner shall consult and convene with
stakeholders to assist in the Commissioner’s work pursuant to subsection (a) of
this section that have relevant experience in business growth and access to
capital, including representation from the U.S. Small Business Administration,
the Vermont Small Business Development Center, the U.S. Department of
Agriculture, regional development corporations, regional planning
commissions, the Vermont Housing and Conservation Board, the Vermont

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Professionals of Color Network, the Vermont Small Business Law Center, the
Vermont Sustainable Jobs Fund, the Vermont Employee Ownership Center, a
regional community action agency, postsecondary institutions, and local and
regional chambers of commerce.
(c) Report. On or before December 15, 2026, the Commissioner shall
submit a written report to the House Committee on Commerce and Economic
Development and the Senate Committee on Economic Development, Housing
and General Affairs with the Commissioner’s findings pursuant to the business
resources and growth study set forth in this section along with any
recommendations for legislative action and a list of the stakeholders consulted
pursuant to subsection (b) of this section.
* * * Convention Center Task Force * * *
Sec. 8. 2025 Acts and Resolves No. 65, Sec. 3 is amended to read:
Sec. 3. TASK FORCE TO EXPLORE DEVELOPMENT OF
CONVENTION CENTER AND PERFORMANCE VENUE
* * *
(b) Membership. The Task Force shall be composed of the following
members:
(1) one current member of the House of Representatives, who shall be
appointed by the Speaker of the House;
(2) one current member of the Senate, who shall be appointed by the
Committee on Committees;

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(3) the Commissioner of the Department of Economic Development or
designee;
(4) the President of the Vermont Chamber of Commerce or designee;
(5) the Chief Executive Officer of the Lake Champlain Chamber of
Commerce or designee;
(6) the President of the Vermont Regional Development Corporations or
designee; and
(7) the Chair of the Vermont Association of Planning and Development
Agencies or designee; and
(8) the President of the University of Vermont or designee.
* * *
(e) Reports. On or before November 1, 2025, the Task Force shall submit
an interim report to the House Committee on Commerce and Economic
Development and the Senate Committee on Economic Development, Housing
and General Affairs with an update on its work pursuant to subsection (c) of
this section. On or before November December 1, 2026, the Task Force shall
submit a final written report to the House Committee on Commerce and
Economic Development and the Senate Committee on Economic
Development, Housing and General Affairs with its findings and any
recommendations for legislative action.
(f) Meetings.
* * *

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(4) The Task Force shall cease to exist on December 1, 2026 July 1,
2027.
(5) The Task Force shall meet