Vermont State Auditor Review Scrutinizes Business Tax Credits
Tax credits-over $80 million awarded between 1998 and 2002-contribute to loss of corporate income tax revenue.
The Vermont Economic Advancement Tax Incentives (EATI) program created in 1998 gives businesses tax credits for creating jobs and meeting other statutory criteria. But the Auditor’s review found that no one was checking to make sure that jobs were actually being created. Meanwhile, these tax credits reduce state collections from the corporate income tax. During the period reviewed, $9 million had been taken and another $15 million was in carry-forward status.
“Promises to Keep: Recommendations to Strengthen the Performance of Vermont’s Economic Advancement Tax Incentives Program” Office of the Vermont State Auditor
