Legislative Day, February 17th

Scholarship Given

The Chamber was happy to give a $2,000 check to the River Valley Technical Center scholarship fund from sales of its "A Taste For Every Season" 2011 dining calendar.

Scenic Route 100 Byway Update

The proposed Vermont Byway Designation of Route 100 is a joint effort of town representatives from Pittsfield, Killington, Bridgewater, Plymouth, Ludlow and Andover; Okemo Valley Regional Chamber of Commerce, Office of Killington Economic Development and Tourism, local businesses, and the Southern Windsor County and Two Rivers-Ottauquechee Regional Planning Commissions. This designation offers travelers historic, cultural, scenic and recreational information and waypoint centers about the towns and villages along the Byway. The Committee has finalized their Corridor Management Plan that identifies these resources along the Route 100 Byway. This Plan also includes a vision for the future of the Byway and strategies to improve and enhance the resources and destinations along the way.  

The hearing with the Vermont Scenery Preservation Council is on March 24 at 7pm at the President Calvin Coolidge Museum and Education Center, 3780 VT 100a, Plymouth, Vermont.  Please attend to support this byway. 

Businesses along Route 100 and 103 are invited to an informational lunch at Clear Lake Furniture on February 16 at 12noon to learn more about this project.   

Small Business Tax Provisions

As a member of the small business community in Vermont, Peter Welch wants to make you aware of several tax provisions passed by Congress that take effect in 2011. During these challenging economic times, it is critical that Vermont's small businesses have access to resources to help them grow, create jobs, and restore our economy. 

These tax credits include:

o   Health Care Tax Credit: employers with fewer than 25 employees and less than $50,000 in averages wages may qualify for a credit worth up to 35 percent of premiums paid in 2010;

o   Health Insurance Deduction for Self-Employed Individuals: self-employed taxpayers who pay their own health insurance costs can now reduce their net earnings from self-employment by these costs. Previously, the self-employed health insurance deduction was allowed only for income tax purposes;

o   Bonus Depreciation Extension: businesses that acquire and place qualified property into service after September 8, 2010 can now claim a depreciation allowance of 100 percent of the cost of the property. Businesses that purchased this property prior to September 8, 2010 can claim a depreciation allowance of 50 percent of the cost of the property;

o   General Business Credit: the general business credits of eligible small businesses in 2010 are not subject to alternative minimum tax. General business credits may be offset by both regular income tax and alternative minimum tax of eligible small businesses;

o   Depreciation on a business car or truck: the total depreciation deduction you can take for a passenger automobile you use in your business is increased to $11,060. The maximum deduction you can take for a truck or van you use in your business is increased to $11,160. In 2009, the limit for business automobiles was $10,960, while the limit for trucks and vans as $11,060;

o   Higher Expensing / Depreciation Limits: for tax years beginning in 2010 and 2011, small businesses can expense up to $500,000 of the first $2 million of certain business property placed in service during the year. In general, businesses can choose to treat the cost of certain property as an expense and deduct it in the year the property is placed in service instead of depreciating it over several years.

Small businesses are the backbone of our economy and an important component of the economic recovery. Please contact Peter Welch to provide more information on these provisions, or assistance with any other federal matter.

News from our Members/Congratulations

Congratulations to Inn Victoria on their 1 year anniversary!