The Vermont Economic Progress Council (VEPC) is an independent board of Vermont citizens, nine appointed by the Governor and two appointed by the General Assembly. Additionally, there are two non-voting representatives from each region, one designated by the regional development corporation and one by the regional planning commission. The regional representatives serve in an advisory and advocacy role.
VEPC serves as an approval and authorization body for the Vermont Employment Growth Incentive (VEGI) program and the Tax Increment Financing (TIF) District program.
Vermont Employment Growth Incentive (VEGI): The State of Vermont offers an economic incentive for business recruitment, growth and expansion. The Vermont Employment Growth Incentive (VEGI) program can provide a cash payment, based on the revenue return generated to the State by prospective qualifying job and payroll creation and capital investments, to businesses that have been authorized to earn the incentive and who then meet performance requirements.
Tax Increment Financing (TIF) District: Generally, a TIF District is established by a municipality around an area that requires public infrastructure to encourage public and private real property development or redevelopment. The property values at the time the District is created are determined and the property taxes generated by that original value continue to go to the taxing entities (municipality and state).