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VermontH.3982025-2026 SessionHouseWALLET

An act relating to the Vermont Economic Development Authority

Sponsored By: Michael J Marcotte (Republican)

Signed by Governor

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Bill Overview

Analyzed Economic Effects

8 provisions identified: 3 benefits, 0 costs, 5 mixed.

More capital from the Jobs Fund

The Vermont Jobs Fund is a revolving pool for business lending. It can lend to the Small Business Development Corporation, the 504 Corporation, and the Sustainable Energy Loan Fund. Surplus from the Export Finance Program flows into the Fund. The Fund can support a line of credit up to $100 million for the Agricultural Credit Program. The Authority sets loan terms and rates. These changes take effect July 1, 2025.

Business mortgages: caps and job rules

The Authority offers direct mortgages up to 40% of a project’s cost. The principal is capped at $5,000,000, or $6,000,000 for on‑site renewables that are 40% or less of cost with other financing secured. Loans must mature within 20 years. If a borrower with 50 or more employees moves at least half of those jobs out of state within any three years, the Authority can demand full repayment and foreclose. These rules apply starting July 1, 2025.

Low-cost loans after disasters

The Authority runs a revolving Disaster Recovery Loan Fund. Loans go to businesses, farms, and forest product firms after disasters. Interest rates cover only admin costs; extra revenue returns to the Fund. For nondeclared events, the Authority consults Commerce, Agriculture, and Forests officials and checks prior State aid. This starts July 1, 2025.

Small water quality grants available

The Authority offers grants for water quality projects directed by Agriculture or Natural Resources. Total grants cannot exceed $1,340,238. Agencies direct who is eligible and qualified. This starts July 1, 2025.

Financing must meet jobs strategy goals

Before funding, the Authority must find a project supports at least one Sustainable Jobs objective. Financing programs and projects must follow the Governor‑adopted Strategy. Eligible projects include land, buildings, equipment, working capital, and receivables. Retail sales of goods made mostly out of state and housing are excluded, unless authorized. These rules apply starting July 1, 2025.

Local development loans: parks and incubators

The Authority lends to local development groups for industrial parks, speculative buildings, and incubators. Borrowers must give a first mortgage on the financed land or building. Incubator loans can run up to 20 years after occupancy. Speculative buildings must be repaid within 90 days after a sale, or within five years if leased. These rules begin July 1, 2025.

Stronger bond rules and credit tools

The Authority can use insurance and other credit tools and perfect pledges by filing in its records. A user cannot have over $2,500,000 in mortgage‑insured bonds outstanding in one municipality. The State is not required to raise taxes to pay these bonds. Bonds must carry required signatures or bank authentication. These rules take effect July 1, 2025.

Stronger oversight and faster loan processing

Loan applications must describe the business, purpose, and products the financing will support. The Authority can let loan officers approve loans, with the manager’s sign‑off. A quorum is eight members, and actions need a majority and at least five yes votes. The State Auditor may inspect the Authority’s books at any time. Officials are not personally liable unless they commit intentional misconduct. These rules apply beginning July 1, 2025.

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Sponsors & Cosponsors

Sponsor

  • Michael J Marcotte

    Republican • House

Cosponsors

  • Edye Graning

    Democratic • House

  • Monique Priestley

    Democratic • House

Roll Call Votes

No roll call votes available for this bill.

Actions Timeline

  1. House message: Governor approved bill on May 21, 2025

    5/22/2025Senate

  2. Signed by Governor on May 21, 2025

    5/21/2025House

  3. Delivered to the Governor on May 15, 2025

    5/15/2025House

  4. House message: House concurred in Senate proposal of amendment to House proposal of amendment to Senate proposal of amendment

    5/13/2025Senate

  5. Senate proposal of amendment to House proposal of amendment to Senate proposal of amendment concurred in

    5/9/2025House

  6. Action Calendar: Senate Proposal of Amendment to House Proposal of Amendment to Senate Proposal of Amendment

    5/9/2025House

  7. Notice Calendar: Senate Proposal of Amendment to House Proposal of Amendment to Senate Proposal of Amendment

    5/8/2025House

  8. Senate Message: House proposal of amendment to Senate proposal of amendment concurred in with further proposal of amendment thereto

    5/7/2025House

  9. House proposal of amendment to Senate proposal of amendment concurred in with further proposal of amendment as moved by Senator Chittenden, Beck, Brock, Cummings, Gulick, Hardy, and Mattos

    5/6/2025Senate

  10. House proposal of amendment to Senate proposal of amendment, text

    5/6/2025Senate

  11. Unfinished Business/House Proposal of Amendment

    5/6/2025Senate

  12. House proposal of amendment to Senate proposal of amendment

    5/2/2025Senate

  13. House proposal of amendment to Senate proposal of amendment

    5/1/2025Senate

  14. Entered on Notice Calendar

    5/1/2025Senate

  15. House message: House concurred in Senate proposal of amendment with proposal of amendment

    4/30/2025Senate

  16. Senate proposal of amendment concurred in with further amendment thereto, as offered by Rep. Marcotte of Coventry and Graning of Jericho

    4/29/2025House

  17. Action Calendar: Unfinished Business

    4/29/2025House

  18. Action Calendar: Action postponed until 4/28/2025

    4/28/2025House

  19. Rep. Carris-Duncan of Whitingham moved to postpone action until 4/28/2025, which was agreed to

    4/25/2025House

  20. Action Calendar: Senate Proposal of Amendment

    4/25/2025House

  21. Notice Calendar: Senate Proposal of Amendment

    4/24/2025House

  22. Senate Message: Passed in concurrence with proposal of amendment

    4/23/2025House

  23. Read 3rd time & passed in concurrence with proposal of amendment

    4/22/2025Senate

  24. Pending third reading, Senator Chittenden, Beck, Brock, Cummings, Gulick, Hardy, and Mattos proposal of amendment, agreed to

    4/22/2025Senate

  25. Proposal of amendment to be offered by Senator(s) Chittenden, Beck, Brock, Cummings, Gulick, Hardy, and Mattos

    4/22/2025Senate

Bill Text

  • As Enacted (ACT 26)

    6/30/2025

    PDF

  • As Passed by Both Chambers

    5/14/2025

    PDF

  • As Passed by Both Chambers (Unofficial)

    5/14/2025

    PDF

  • Senate Proposal of Amendment (Unofficial)

    5/9/2025

    PDF

  • Senate Proposal of Amendment

    4/25/2025

    PDF

  • As Passed by the House

    3/26/2025

    PDF

  • As Passed by the House (Unofficial)

    3/26/2025

    PDF

  • As Introduced

    2/25/2025

    PDF

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