Governor signs two bills to sales tax exempt some ag and timber products
Vermont Business Magazine - Governor Phil Scott on Monday signed S34, an act relating to rural economic development, and H495, an act relating to miscellaneous agriculture and subjects, at Goodridge Lumber in Albany. He said the bills highlight the state’s commitment to our agriculture sector and spurring economic growth for rural communities. These bills create a new exemption from the Vermont sales and use tax for specific types of machinery and equipment used in timber cutting, timber removal, and the processing of timber or other solid wood forest products intended to be sold at retail.
S34 reconvenes the Vermont Milk Commission, charging it with putting forward proposals to the Vermont Congressional delegation for inclusion in the 2018 Federal farm bill to stabilize our diary industry, an examination of how to bring down workers’ compensation rates for high risk industries, and the creation of a Rural Economic Development Initiative.
H495 provides a necessary clarification to existing statute that dyed diesel is not subject to Vermont’s sales and use tax, and creates a Water Quality Assistance program to assist timber harvesters in remaining compliant with water quality requirements.
For the full article please click here.