State Tax Credits Helping Local Businesses

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Tac CreditsNEK- Lyndonville and Saint Johnsbury are two of fourteen towns across the state who recently received tax credits, helping them to revitalize their downtowns. As more and more businesses have been popping up in the towns, both Lyndonville and St. J have been making a serious effort to revamp their designated downtown districts. 

 

Saint Johnsbury Assistant Town Manager, Joe Kasprzak says, that “these are incredibly important businesses for our community. They are really leading the way in what I would like to think as... the start of our revitalization efforts.”    

 

Saint Johnsbury was awarded a little over 840 thousand dollars from the state, receiving the most money out of all of the 14 towns. That money was given to four separate businesses in the area. The New Avenue Apartments received the most out of the four, getting a little over a half a million dollars. 

 

The Fairbanks Museum and the Saint Johnsbury Distillery each received a little over a 100 thousand dollars. The Canterbury Inn received just under 50 thousand. 

 

“These programs really mean a lot to revitalize and renovate the downtowns, that are dilapidated, and need some help. So these are effective tools that we have. The more tools we have in the economic toolbox, the better off we’re going to be as a state” said Governor Phil Scott. 

 

These tax credits from the state give local business owners the opportunity to further their projects, while not bearing as much of the financial burden. 

 

Eric Paris, the recipient of the tax credit in Lyndonville, said that with his credit, he plans “to maybe do some further improvements to our building, and hopefully to further enhance the economic, viability [and] vitality of downtown Lyndonville. Paris owns Mosaic, a newly opened drive-thru restaurant on Broad Street. They received a little over 75 thousand dollars. 

 

Governor Scott announced the winners of the tax credits at a press conference in Saint Johnsbury on October 2nd.