Growing Our Economy, Inspiring Innovation
By Governor Jim Douglas
The national economic recession is affecting Vermont families. Broken promises from Wall Street and patchwork policy from Washington don't pay the bills. Vermonters can't afford to wait for more empty rhetoric. That's why I'm ready to continue the fight for real change in Montpelier with a seven-part Economic Growth Plan that focuses on innovation and prosperity for working families.
I'm proud to be the voice of reason in Montpelier- watching out for Vermonter's pocketbooks- and a voice of change- fighting for policies that make our economy stronger and families more prosperous.
Now I offer the people of Vermont an aggressive plan to create jobs and help struggling families. Unlike what my opponents offer, mine is a real plan that will produce real results-and we can implement it in the first 100 days of the next term.
My plan builds on the economic stimulus package I pushed through a reluctant Legislature this spring. It inspires innovative solutions to our biggest challenges; establishes zones where business and new renewable energy sources can grow; invests in high-tech research and development; revitalizes our downtowns; and lowers electricity costs.
The cornerstone is the Vermont Innovation Challenge-a bold initiative to establish Vermont has the best place for innovators, their world-changing products, and the high-wage jobs required to produce them.
Here's how it works: Vermont establishes goals to solve challenges for which the world is demanding solutions. Any innovator who achieves a goal earns the right to produce these products-and the jobs required-free from state taxes. Plus, the employer will earn a cash incentive to kick-start job growth.
My goals include, but are not limited to, producing components of an automobile capable of exceeding 70 miles/gallon; a vehicle that does not rely on fossil fuels; a substantially more efficient airplane engine; or a rooftop solar system capable of providing energy for a building at a lower cost than traditional fuel sources. Innovations in software, biomedicine and other areas where the skill and drive of Vermonters can propel our economy forward would also be encouraged.
We will supplement this with Research and Development Tax Credits (R&D) for jobs on the cutting edge of industries like software development.
We must also advance commonsense permit reform. We have made some good changes in recent years, but further streamlining the permit process and eliminating duplication- while maintaining our environmental values - is a necessary next step for job creation.
My Urban Homestead initiative will revitalize downtowns by providing incentives for first-time homeowners to invest in underutilized space on upper floors. This will stimulate the real estate market, help local small business and increase commerce in our village centers.
By creating Opportunity Zones we can revitalize vacated industrial facilities. Opportunity Zones would receive expedited permitting, be exempt from income tax on revenue from rent and a five year tax reallocation to the community to fund local infrastructure.
To further drive job creation we will establish Green Growth Zones, where renewable energy and other incentives attract employers. In these zones, a renewable energy source will serve as the hub around which businesses locate and create jobs with a host of incentives such as lower cost power, low-cost capital financing, new VEGI job creation incentives and expedited "umbrella" permitting.
We will enhance Vermont's reputation for innovative energy policies by working with utilities to build a Smart Grid-an electric network that uses innovative technology to provide consumers with information they need to significantly lower their energy costs. Vermonters, for example, could have a Smart Meter installed in their homes that shows real prices so they can make choices to reduce costs.
During this challenging time, I will continue to be a voice of reason and a voice of change. This comprehensive plan, coupled with a steady hand at the helm of state government, will ensure Vermont emerges from this national downturn with a stronger economy and more and better paying jobs.
This isn't the first time our state has faced challenges - and it won't be the last time we overcome them.
For more details on my Economic Growth Plan, please visit
www.jimdouglas.com .
