For a small state, Vermont has some big subsidy programs. Every year, tens of millions in loans are granted through its Direct Loan Program. Many companies have benefited from the cash refunds from the Vermont Employment Growth Initiative. The Vermont Economic Development Authority makes the loans, while the Agency of Commerce and Community Development administers tax breaks and grants. Recipients are disclosed, mostly in the program annual reports.  

The Annual Comprehensive Financial Reports (ACFRs) prepared by the Department of Finance and Management, listed several tax abatement programs, one of which diverts state education tax to subsidize agricultural landowners. Some cities in Vermont report tax abatements in accordance with Statement No. 77. All school districts are part of “supervisory unions” which are regional agencies, and we are not aware of any that report tax abatements.  

Pursuant to Act 134 of 2016, the Vermont Legislative Joint Fiscal Office produces biennial reviews of the state’s tax expenditures complete with economic impact analyses for major programs and expedited reviews of minor tax breaks as well as recommendations for lawmakers.