§ 3342. Annual program cap
(a) In each calendar year the Vermont Economic Progress Council may approve one or more incentives under this subchapter, the total value of which shall not exceed:
(1) $15,000,000.00 for one or more initial approvals; and
(2) $10,000,000.00 for one or more final approvals.
(b) The Council may increase the cap imposed in subdivision (a)(2) of this section by not more than $5,000,000.00 upon application by the Governor to, and approval of, the Joint Fiscal Committee.
(c) In evaluating the Governor's request, the Committee shall consider the economic and fiscal condition of the State, including recent revenue forecasts and budget projections.
(d) The Council shall provide the Committee with testimony, documentation, company-specific data, and any other information the Committee requests to demonstrate that increasing the cap will create an opportunity for return on investment to the State. (Added 2015, No. 157 (Adj. Sess.), § H.1, eff. Jan. 1, 2017.)
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