Vermont Statutes Title 3 Sec. 2516
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Terms Used In Vermont Statutes Title 3 Sec. 2516
- Business: means any individual, partnership, corporation, or other entity that has been granted a tax abatement pursuant to the provisions of Title 24, or has been granted a loan or a grant by any board, commission, or program established under the provisions of Title 10 or 24, or under the provisions of this title. See
- Contract: A legal written agreement that becomes binding when signed.
- Qualified period: means a period of five years after the initial grant of a benefit or a time period set forth in any agreement executed by the State subsequent to the effective date of this subchapter. See
§ 2516. Contract provisions
All contracts or grant awards conferring benefits to businesses after the effective date of this subchapter shall contain a provision notifying the business of the recapture provisions provided in this section and the qualified period for that business under that contract. (Added 1993, No. 221 (Adj. Sess.), § 10.)