Condo Media - July 2013 - 21

veRMoNT

Federal Tax Credits spur
economic Development
Good News for Vermont’s Impoverished Communities

V

ermont Rural Ventures (VRV)
has snagged $40 million in
federal tax credits to finance
economic development projects targeting communities with high
levels of poverty and high unemployment rates in the state.
This is the third tax credit award
VRV has received under the federal
New Market Tax Credit program,
which offers the credits to investors
who fund eligible economic development projects. VRV, a subsidiary of
Housing Vermont, has used previous awards totaling $65 million
to help finance the expansion of
Weidmann Electrical Technologies
in St. Johnsbury, the construction
of a new building for Laraway Youth
and Family Services in Johnson, and
the expansion of the Commonwealth
Dairy facility in Brattleboro, among
other projects.
Vermont Senators Patric Leahy
and Bernie Sanders and Rep. Peter
Welch supported VRV’s application
for the credits, saying they would
“leverage private investments in
bricks-and-mortar growth in Vermont’s economy, make it possible
to create jobs for Vermonters, and
support long-term economic recovery and growth where help is needed
the most.”
Separately, Rep. Welch is proposing legislation that would use federal
tax breaks to leverage investments in
renewable energy projects in Vermont
and nationwide. The legislation, the
“Master Limited Partnership (MLP)
Parity Act,” would revise existing tax
rules to make renewable energy proj-

ects qualified for treatment as master
limited partnerships — a favorable tax
structure that has been used for more
than three decades to encourage investment in oil, gas, and coal projects.
Because an MLP is treated as a
partnership, it is taxed only at the
shareholder level, unlike corporations, which are taxed at both the
corporate and shareholder levels. But
an MLP’s ownership interests can be
traded like corporate stocks.
“Expanding MLP financing to

renewable energy projects will be
a boost for the renewable industry
and for a cleaner energy future,”
Rep. Welch said in a press statement
announcing his proposed legislation. “If oil, gas, and coal projects
can take advantage of this important
tool,” he added, “there is no reason
why renewable projects should be
excluded. This is a simple, common
sense idea that will drive investment
in renewable energy projects for years
to come.” CM

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Condo Media • July 2013

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Condo Media - July 2013

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