Bill S.122 aims to enhance economic and workforce development in Vermont through various appropriations and amendments to existing tax credit programs. A significant change includes increasing the annual cap on the Vermont Downtown and Village Center Tax Credit Program from $3,000,000 to $5,000,000, with a stipulation that no more than 30 percent of these credits can be allocated to projects within a single municipality. The bill also introduces new funding initiatives for fiscal year 2026, allocating $300,000 for legal services to support small businesses, $350,000 for the Vermont Professionals of Color Network, and $688,889 for the Vermont Small Business Development Center to improve business advising and educational workshops.

Additionally, the bill establishes the Vermont-Ireland Trade Commission to promote bilateral trade and investment, with initial appointments required by October 1, 2025. It mandates a study by the Agency of Commerce and Community Development to explore business growth and access to capital, with a report due by November 1, 2025. The bill also creates a Task Force to evaluate the feasibility of constructing a convention center and performance venue in Vermont, which will assess financial support, infrastructure needs, and economic impact. Furthermore, it amends the definition of "International Trade Agreement" to include agreements between Vermont and foreign countries and assigns the Commission on International Trade to evaluate the impacts of these agreements. The implementation of certain sections is contingent upon specific appropriations, with the act set to take effect on July 1, 2025.

Statutes affected:
As Introduced: 32-151, 32-11J
As Passed By the Senate -- Official: 32-151, 32-11J, 3-23
As Passed By the Senate -- Unofficial: 32-151, 32-11J, 3-23