Business and Labor Groups Call on Vermont Senate to Reject New Taxes; Measures Raise Costs, Threaten Jobs, and Weaken the Business Climate

PRESS RELEASE

Vermont Energy Partnership

Montpelier, VT, April 4, 2012 – At a press conference today at the Vermont State House, business and labor groups called upon the Vermont Senate to reject a new tax increase recently passed by the Vermont House on Vermont Yankee.

“This is not the time and this is not the economy in which to increase taxes on businesses, especially solely targeting one Vermont employer,” said William Driscoll, Vice President of Associated Industries of Vermont. “Vermont’s economy and business reputation are struggling in many ways. This tax sets a bad precedent, one that other businesses will have a very watchful eye on,” said Mr. Driscoll.

Recently, the Vermont House approved a 120 percent annual tax increase on Vermont Yankee, from approximately $5 million to $11 million. The roughly $6 million annual increase to Vermont Yankee’s taxes is intended to assist Windham County to deal with post-Vermont Yankee issues, continue the Clean Energy Development Fund, and supplement the statewide education fund.

“This proposed tax increase is ill-advised for several reasons,” said Guy Page, Communications Director of the Vermont Energy Partnership. “It is an arbitrary tax increase. It may even be punitive in nature. It was passed with too-little debate or discussion and violates the letter and spirit of long-standing tax accords. This sends out a very troubling signal about doing business in Vermont,” said Mr. Page.

George Clain of the IBEW Local #300 said, “A 2010 analysis by the Joint Fiscal Office showed that Vermont will benefit most, from a fiscal, jobs, and economic standpoint, if Vermont Yankee continues to operate. This job preservation and job creating course is the path the legislature should be supporting instead – and immediately.”

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Associated Industries of Vermont (aivt.org) is a statewide association dedicated to manufacturers and their support businesses and organization.

Vermont Energy Partnership (vtep.org) is a diverse group of business, labor, and community leaders committed to finding clean, low-cost and reliability electricity solutions. Entergy, owner of Vermont Yankee, is a member of both organizations.

International Brotherhood of Electrical Workers Local #300(ibewlocal300.org) is one of Vermont’s largest and more diverse labor unions, representing 1,200 working Vermonters in a variety of trades, including construction, utilities, telecommunications, municipal, professional and manufacturing.

 

Contact:

Guy Page

Communications Director

Vermont Energy Partnership

802-505-0448

www.vtep.org

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