Vermont Statutes Title 3 Sec. 2510
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Terms Used In Vermont Statutes Title 3 Sec. 2510
- Benefit: means any abatement, loan, or grant awarded to the business as enumerated in subdivision (2) of this section. See
- Business: means any individual, partnership, corporation, or other entity that has been granted a tax abatement pursuant to the provisions of Title 24, or has been granted a loan or a grant by any board, commission, or program established under the provisions of Title 10 or 24, or under the provisions of this title. See
- Qualified period: means a period of five years after the initial grant of a benefit or a time period set forth in any agreement executed by the State subsequent to the effective date of this subchapter. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 2510. Findings
The General Assembly finds that a number of programs and tax credits have been established which encourage the development of businesses and jobs in the State of Vermont. The General Assembly also finds that some beneficiaries leave this State before the State derives any benefit from the assistance. Therefore, it is the public policy of the State of Vermont to recapture any benefits that it has granted to any business if, within a qualified period after the benefit was bestowed, that business decides to leave the State or to otherwise curtail its activity to a point lower than represented when the benefit was granted. (Added 1993, No. 221 (Adj. Sess.), § 10.)