Miscellaneous Tax Bill Encourages Business Growth
PRESS STATEMENT
June 4, 2010
Contact: Jeff Morton
Director of Communications
Vermont Chamber of Commerce
(802) 229-2273
jmorton@vtchamber.com
Miscellaneous Tax Bill Encourages Business Growth and Prosperity
Business Leaders Laud Capital Gains and Estate Tax Adjustments
Today, H.783 became law, increasing Vermont’s competitiveness in the national and international marketplace. This bill rolls back the capital gains and estate tax changes made last year, encouraging greater capital investment and job creation. These opportunities will result in more jobs for Vermonters and increased revenues to government.
“The willingness of the Administration and the Legislature to address these tax changes this year demonstrates their commitment to Vermont’s business community,” said Betsy Bishop, President of the Vermont Chamber of Commerce. “While neither of these changes presents a complete repeal of last year’s law, they do show an interest in addressing business concerns. We are pleased that the Administration and the Legislature were able to come together to create an environment in Vermont that encourages business growth and economic prosperity.”
The new law rolling back the capital gains tax grants taxpayers a 40 percent exemption for Vermont investments. In addition, amendments to the estate tax now allow small businesses and farms to pass their equity on to their families without an added penalty.
The Vermont Chamber of Commerce, the largest statewide, private, not-for-profit business organization represents nearly every sector of the state's corporate/hospitality community. Our mission is to create an economic climate conducive to business growth and the preservation of the Vermont quality of life.
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