Vermont Statutes Title 3 Sec. 2512
Terms Used In Vermont Statutes Title 3 Sec. 2512
- 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
§ 2512. Notice
(a) A business shall notify the agency or department which granted the benefit in writing within 60 days after the business closes or substantially curtails the operation of the trade or business within the qualified period.
(b) A business shall be considered to be substantially curtailed when the average number of full-time equivalent employees in any one calendar year is less than 50 percent of the highest average number of full-time equivalent employees in any prior year in the qualified period.
(c) A business shall not be considered to be substantially curtailed or closed when that business has relocated to another location within the State of Vermont or been sold but is still located within the State, provided that the employment test of subsection (b) of this section is met. (Added 1993, No. 221 (Adj. Sess.), § 10.)