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Code · Vermont · Title 32 — Taxation and Finance · Chapter 105

§ 3333.

339 words·~2 min read·/vt/title-32/chapter-105/3333

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§ 3333. Calculating the value of an incentive
Except as otherwise provided for an enhanced incentive for a business in a qualifying labor market area under section 3334 of this title or an enhanced incentive for an environmental technology business under section 3335 of this title, the Council shall calculate the value of an incentive for an award year as follows:
(1)Calculate new revenue growth. To calculate new revenue growth, the Council shall use the cost-benefit model created pursuant to section 3326 of this title to determine the amount by which the new revenue generated by the proposed economic activity to the State exceeds the costs of the activity to the State.
(2)Calculate the business’s potential share of new revenue growth. Except as otherwise provided for an environmental technology business in section 3335 of this title, to calculate the business’s potential share of new revenue growth, the Council shall multiply the new revenue growth determined under subdivision
(1)of this subsection by 80 percent.
(3)Calculate the incentive percentage. To calculate the incentive percentage, the Council shall divide the business’s potential share of new revenue growth by the sum of the business’s annual payroll performance requirements.
(4)Calculate qualifying payroll. To calculate qualifying payroll, the Council shall subtract from the payroll performance requirement the projected value of background growth in payroll for the proposed economic activity.
(5)Calculate the value of the incentive. To calculate the value of the incentive, the Council shall multiply qualifying payroll by the incentive percentage.
(6)Calculate the amount of the annual installment payments. To calculate the amount of the annual installment payments, the Council shall:
(A)divide the value of the incentive by five; and
(B)adjust the value of the first installment payment so that it is proportional to the actual number of days that new qualifying employees are employed in the first year of hire. (Added 2015, No. 157 (Adj. Sess.), § H.1, eff. Jan. 1, 2017; amended 2021, No. 105 (Adj. Sess.), § 506, eff. July 1, 2022.)
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