MONTPELIER, Vt. (AP) - Republican Gov. Phil Scott says he wants Vermont lawmakers to lift restrictions on a tax-related financing program that now goes to a handful of cities and towns.
At his weekly news conference on Friday, Scott also proposed using a $35 million bond to grow the state’s housing stock.
The Tax Increment Financing, or TIF, allows property tax money raised in a district to go toward public improvements, like new roads and sidewalks, to attract business and tenants and increase the tax base. Taxpayers already in a TIF district would continue paying the same rate, but the new tax revenue in the district would reimburse the municipality for improvements it made.
Scott says he would like to see any town or city be able to use the improvement method.
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