Community Recovery and Revitalization Grant Program
The Vermont Legislature appropriated $40,000,000 from American Rescue Plan Act (ARPA) – Coronavirus State Fiscal Recovery Funds to the Agency of Commerce and Community Development to provide funding for projects that make capital improvements or capital expansions that spur economic recovery and revitalization in communities across the state.
Elevate Vermont:
Elevate Vermont is a technology-based economic development program designed to catalyze growth in Vermont’s high tech business sector through increased access to targeted technical and research assistance.
Vermont Employment Growth Incentive (VEGI)
The State of Vermont offers an economic incentive for business recruitment, growth and expansion. The Vermont Employment Growth Incentive (VEGI) program can provide a cash payment, based on the revenue return generated to the State by prospective qualifying job and payroll creation and capital investments, to businesses that have been authorized to earn the incentive and who then meet performance requirements.
Vermont Training Program (VTP)
The VTP partners with employers and training providers to train Vermont's employees for the jobs of tomorrow. VTP provides performance based workforce grants for: pre-employment training, training for new hires and incumbent workers.
Northern Border Regional Commission Grant (NBRC)
The Northern Border Regional Commission is a federal-state partnership for economic and community development. NBRC invests in community and economic development projects in economically distressed counties across Maine, New Hampshire, Vermont, and New York.
Brownfields Revitalization Fund (BRF)
The BRF, offers grants and loans for the environmental remediation or cleanup of brownfields sites.
International Trade Assistance
The State Trade Expansion Program (STEP) provides funding assistance to eligible Vermont businesses to support entry into foreign markets or expand international export activities such as participation in trade shows, trade missions, market research, and export education seminars.
Relocation Incentives
The Vermont Legislature created relocation incentives to attract new residents to the state and grow the workforce as well as provide support to Vermont employers. The Worker Relocation Incentive Program is open to those looking to move to the state, whether to work remotely or take a job with a Vermont company.
Opportunity Zones
The Tax Cuts and Jobs Act of 2017 included the creation of a new tax-incentive aimed at increasing private investment in low income census tracts. Investors in these zones will receive preferential tax treatment when they invest in a newly created “Opportunity Fund.” After undergoing a process that was recognized as a best practice, Governor Phil Scott designated 25 census tracts in 17 communities as Opportunity Zones .
Investment Capital
Investments are needed at many stages in a business growth. These investments can take different forms, starting with "friends and family" and moving to more institutional investors. Click on the "Investment Capital" link above to learn more about the many resources available in Vermont. Capital sources from outside Vermont and foreign sources are also active in Vermont.
Capital and Incentives
Vermont is fortunate to have a variety of capital and incentive programs. Capital sources range from angel investing to an array of debt sources at the Vermont Economic Development Authority and elsewhere. Our incentive programs have been rated amongst the best. Professionals at the Agency of Commerce and Community Development and our Regional Development Corporations are ready to help you identify the best source for your need and support you through eligibility and applications processes.
Vermont State Tax Incentives
The Manufacturing Machinery and Equipment Tax Credit allows some businesses to not pay the Vermont Sales and Use Tax on machinery and equipment.
The Vermont Research and Development Tax Credit is available to businesses that take the federal Research and Development Tax Credit. The Vermont credit can be equal to 27% of the federal credit allowed in the taxable year.
In Corporate Tax Changes effective in 2023, Vermont adopts single sales factor apportionment eliminating income tax consequences for building expansions and/or adding jobs for companies that produce goods in Vermont and export them.