Research and Development Tax Credit: Businesses that incur qualified R&D expenses can claim a non-refundable tax credit equal to 27% of the federal tax credit. The credit can be carried forward for up to 10 years.
Vermont Employment Growth Incentive (VEGI): This discretionary program provides a performance-based cash grant to businesses that create net new full-time jobs and make capital investments. To qualify, businesses must create new jobs with wages at or above 140% or 160% of the Vermont Minimum Wage. The actual wage threshold (140% or 160% of the minimum wage) is based on the Labor Market Area (LMA) where the project is to be located. The incentive award is disbursed in 5 equal installments once project milestones have been met.
The Vermont Training Program (VTP): Businesses seeking to train newly hired workers and/or upgrade the skills of existing employees may be eligible for a discretionary training grant. The VTP provides reimbursable grants of up to 50% of training costs. To qualify, businesses must offer wages to trained employees that meet or exceed the state’s livable wage. Training may be conducted on-site or through a training provider/vendor.
Vermont Economic Development Authority Loans: Offers low-cost, non-forgivable financing for the purchase of land, buildings, or equipment.