Vermont H0420 establishes a tax increment financing program for flood-impacted communities.

Vermont H0420 creates a tax increment financing program for municipalities in flood-impacted communities. The bill allows municipalities to use education property tax and municipal property tax increments to finance projects. It requires municipalities to apply to the Vermont Economic Progress Council for approval, which will review the project's compatibility with development plans, significance for employment and housing, and fiscal viability. The bill mandates annual audits and reporting on project progress and tax increment usage.

Vermont H0420 establishes a tax increment financing program for flood-impacted communities.

Vermont H0420 creates a tax increment financing program for municipalities in flood-impacted communities. The bill allows municipalities to use education property tax and municipal property tax increments to finance projects. It requires municipalities to apply to the Vermont Economic Progress Council for approval, which will review the project's compatibility with development plans, significance for employment and housing, and fiscal viability. The bill mandates annual audits and reporting on project progress and tax increment usage.