Spend and Tax! This Legislature's Not Business-Friendly
This from Associated Industries of Vermont once more demonstrates that Vermont's business-unfriendly reputation is reinforced by the House Ways and Means Committee.
We understand this committee is not responsible for appropriations, but Chair Obuchowski should demand further spending cuts from his colleague, Appropriations Chair Martha Heath to avoid more taxes.
"After a long day of debate and deliberation, the House Ways and Means Committee late Tuesday [3/23/2010] voted to roll back the domestic production deduction for 2010 and 2011. Vermont manufacturers, contractors, and other productive businesses qualifying for the deduction will have to "give back" 1/3 of the deduction they would receive under current law during those two years.
It is expected that the take-back will cost Vermont companies approximately $9 million over the two years. Although the provision would "sunset" the roll back starting in 2012, history has shown such sunsets rarely are allowed to happen. This move will cost Vermont manufacturers, contractors, mining operations, agricultural processors, and other productive businesses just as they are trying to come out of the recession. It sends such companies the worst signal at the worst time.
Although this vote is a set back, it was clear from the Committee discussion yesterday that AIV's testimony on this issue Monday and, especially, the many calls and letters that the Committee received from AIV members had an effect. Most Committee members, including those not traditionally supportive of the business community, expressed reservations or outright opposition to increasing taxes on manufacturers, especially in the current economic situation.
However, it was clear that the House leadership wanted to increase taxes by targeting the deduction, and was expecting the support of the majority party members. Nevertheless, it was not until the Committee motion was limited to the partial take-back for the two tax years, 2010 and 2011, that the motion was able to pass."
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This is a Vermont problem - not a national problem
This is another example of the VERMONT legislature being business unfriendly. This is NOT a national problem as many in the legislature would like you to believe in their response to Burton's news last week. This is a Vermont problem. Costs of running a manufacturing business are much higher in Vermont than in many other states. That is why Vermont is rated between 47 and 50 for business friendliness in many measures.
Burton is not the first to depart, and I can assure you they will not be the last. The latest damage inflicted by the blocking of the scheduled increase in the domestic production deduction will only be yet another bulletpoint in the decision making processes for CEOs who decide to invest elswehere or pick up and move altogether.
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