Council Authorizes Tax Incentives To Create Snowshoe Manufacturing Jobs In Vermont

first_imgCouncil Authorizes Tax Incentives To Create Snowshoe Manufacturing Jobs In VermontMONTPELIER — The Vermont Economic Progress Council recently approved almost a quarter-million dollars in tax credits to a Williston firm that plans to manufacture snowshoes in Vermont.The council approved an application from TSL USA, LLC at its meeting on October 27th, 2005, after the firm presented plans to manufacture aluminum and plastic snowshoes in Williston, Vermont and distribute their products worldwide. The company was authorized for $241,925 in payroll, research and development and workforce development tax credits to add new jobs and invest in research and development and employee training and education. The company was also considering sites in Clinton County, New York.TSL is very excited to bring the snowshoe industry back to Vermont, said Arnaud Claude, President of TSL USA. Thanks to the hard work of the Vermont Economic Progress Council, the Vermont Agency of Commerce and Community Development, and the Greater Burlington Industrial Corporation, we are going to create new jobs in Vermont, developing and manufacturing high quality snowshoes that will be sold to consumers worldwide.Claude said he hopes to have the first prototype snowshoes completed in January and to have production underway in March. He anticipated starting with 4 or 5 workers with plans to ramp up to 25 in five years.I love it in Vermont, Claude said. Vermont is the image for the snowshoe industry.The tax incentives were authorized based on job creation and capital investments that must occur before the credits can be claimed. The Council approved the application after reviewing nine guidelines and applying a rigorous cost-benefit analysis that projects whether the activity encouraged by the tax incentives will have a positive or negative impact on the region and state. This analysis showed that if the company meets all its projections and utilizes all the tax credits, the State will realize a net increase in revenues of $431,200. The Council also determined that the project would not occur or would occur in a significantly different and less desirable manner if not for the incentives being authorized.These incentives generate good jobs that pay well and increase income levels here in Vermont, said Lawrence Miller, chair of the nine-member council of business people from around the state. “If the credits are claimed, it means that the applicant has performed as expected, created jobs and invested in Vermont. The net fiscal impact is outstanding for Vermont and we’re pleased to offer these incentives.”The Vermont Economic Progress Council (VEPC) is an independent body appointed by the Governor, and is responsible for administering the Economic Advancement Tax Incentive program. It is housed within the Department of Economic Development at the Vermont Agency of Commerce and Community Development.We are very pleased at the prospect of new jobs being created in Vermonts manufacturing sector, said Kevin Dorn, Secretary of the Agency of Commerce and Community Development.-30-last_img

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