An act relating to a refundable machinery and equipment investment tax credit

S.312 changes Vermont's machinery and equipment investment tax credit from nonrefundable to refundable, allowing qualifying businesses to receive a cash refund if the credit exceeds their tax liability (up to $500,000 annually). It removes previous limits that capped annual credit use at 80% of tax liability and $1 million per year, and extends the credit's expiration from 2030 to 2034. The bill directly affects Vermont businesses making qualifying capital investments in machinery/equipment, as certified by the Vermont Economic Progress Council. To qualify, businesses must report annual job counts, investment levels, and credit usage through the Council and Tax Commissioner.