The Vermont Statutes Online

Title 3 Appendix: Executive Orders

Chapter 032: Taxation and Finance

• Executive Order No. 32-1 (No. 32-86) [Allocation of 1986 State Ceiling on Tax Exempt Private Activity Bonds]

  Revoked and rescinded by Executive Order No. 3-65 (codified as Executive Order 01-15), dated February 13, 2015.

• Executive Order No. 32-2 (No. 38-87) [Interim Allocations of 1987 State Ceiling on Tax Exempt Private Activity Bonds]

  Revoked and rescinded by Executive Order No. 3-65 (codified as Executive Order 01-15), dated February 13, 2015.

• Executive Order No. 32-3 (No. 42-87) [Low-Income Housing Tax Credit Program]

  Superseded and replaced by Executive Order No. 01-04 (codified as Executive Order No. 32-7), dated April 2, 2004.

• Executive Order No. 32-4 (No. 42A-87) [Clarification of Executive Order Establishing the Low-Income Housing Tax Credit Program]

  Superseded and replaced by Executive Order No. 01-04 (codified as Executive Order No. 32-7), dated April 2, 2004.

• Executive Order No. 32-5 (No. 55-87) [Allocation of 1987 State Ceiling on Tax Exempt Private Activity Bonds]

  Revoked and rescinded by Executive Order No. 3-65 (codified as Executive Order 01-15), dated February 13, 2015.

• Executive Order No. 32-6 (No. 03-01) [Streamlined Sales Tax Project]

  Expired by its own terms, effective February 1, 2004.

• Executive Order No. 32-7 (No. 01-04) [Low-Income Housing Tax Credit Program]

  Superseded and replaced by Executive Order No. 32-10 (codified as Executive Order No. 01-04), dated March 7, 2012.

• Executive Order No. 32-8 (No. 07-09) [Designation of State of Vermont as a Recovery Zone under the American Recovery and Reinvestment Act]

  WHEREAS, the American Recovery and Reinvestment Act of 2009, Pub.L. No. 111-5, (hereinafter “ARRA”) amended the Internal Revenue Code of 1986 (hereinafter the “Code”) to authorize state and local governments to issue Recovery Zone Economic Development Bonds and Recovery Zone Facility Bonds (hereinafter together referred to as “Recovery Zone Bonds”); and

  WHEREAS, the Code established bond volume limitations, or caps, on the issuance of Recovery Zone Bonds and allocated those volume caps among the states to counties and large municipalities within each State based upon population and relative declines in employment in 2008; and

  WHEREAS, the U.S. Treasury and Internal Revenue Service allocated Vermont’s share of the Recovery Zone Bond volume caps to the State and sub-allocated the caps among 11 Vermont counties; and

  WHEREAS, the Assistant Judges in 9 of those 11 counties, pursuant to their authority, have waived their counties’ respective allocations and re-allocated their share of volume caps to the State of Vermont; and

  WHEREAS, on October 14, 2009, the State of Vermont Emergency Board, pursuant to its authority to allocate private activity volume cap among bond issuing instrumentalities of the State, will consider allocating all Recovery Zone Facility Bonds’ volume cap waived by the counties to the Vermont Economic Development Authority, an instrumentality of the State of Vermont; and

  WHEREAS, in October, 2009, the Joint Fiscal Committee of the Vermont General Assembly, pursuant to its authority, will consider approving the Governor’s allocation of the Recovery Zone Economic Development Bonds’ volume cap waived by the counties to the Vermont Municipal Bond Bank, an instrumentality of the State of Vermont, and to the State of Vermont should there be capacity not used by the Vermont Municipal Bond Bank; and

  WHEREAS, the purpose of Recovery Zone Economic Development Bonds is to promote economic activity through expenditures that promote development or other economic activity in a recovery zone designated as such by the county or State, as applicable, that is the recipient of volume cap; and

  WHEREAS, the purpose of the Recovery Zone Facility Bonds is to finance property used in the active conduct of a trade or business in a recovery zone; and

  WHEREAS, Recovery Zone Bonds are a significant resource to the State of Vermont and will stimulate economic activity, increase employment opportunities and mitigate the effects of the national recession; and

  WHEREAS, the Code requires that all Recovery Zone Bonds be issued prior to January 1, 2011 and it is imperative that recovery zones in Vermont be designated as soon as possible to ensure that Vermont and Vermonters realize the full benefit of the bonds; and

  WHEREAS, the Code defines a recovery zone, among other things, as an area designated by the issuer as having significant poverty, unemployment, rate of home foreclosures, or general distress; and

  WHEREAS, unemployment in Vermont has nearly doubled statewide during the current downturn and every county of the state has suffered at least a doubling of unemployment since 2007 leading to significant general distress; and

  WHEREAS, 28% of Vermonters work outside their county of residence and new jobs created anywhere in the state will significantly benefit those impacted by the recession; and

  WHEREAS, projected state general fund revenues for FY2010 are 15% below actual revenues in FY2008 and are, in fact, less than actual FY2005 revenues and this severe impact on state revenues will be mitigated by development and construction anywhere in the state; and

  WHEREAS, there is no area of Vermont that has not been significantly impacted by the recession and it is urgent to address both the problems of unemployment and declining revenues in Vermont.

  NOW, THEREFORE, I, James H. Douglas, by virtue of the authority vested in me as Governor, do hereby designate the entire State of Vermont as a recovery zone under the Code as amended by ARRA. This designated recovery zone shall pertain to any Recovery Zone Bonds issued by the State of Vermont, the Vermont Economic Development Authority, the Vermont Municipal Bond Bank, and any other instrumentality of the State that may later receive an allocation of Recovery Zone Bond volume caps from the State.

  This Executive Order shall take effect upon signing.

  Dated October 9, 2009.

• Executive Order No. 32-9 (No. 14-11) [Private Activity Bond Advisory Committee]

  Revoked and rescinded by Executive Order No. 3-65 (codified as Executive Order 01-15), dated February 13, 2015.

• Executive Order No. 32-10 (No. 05-12) [Low-Income Housing Tax Credit Program]

  WHEREAS, significant need continues to exist in the State of Vermont for provision of opportunities to secure safe, decent and affordable housing, especially for families and individuals of lower income; and

  WHEREAS, federal resources for provision of affordable housing opportunities for Vermonters continue to be scarce, increasing the challenges facing the state and its municipalities in responding to residents’ housing needs; and

  WHEREAS, a continuing commitment to coordination of public and private resources to address the housing needs of those Vermonters least able to compete in securing affordable housing is both prudent and necessary; and

  WHEREAS, section 252 of the federal Tax Reform Act of 1986, as enacted by the Congress, authorizes the states to establish programs for allocation of federal tax credits to stimulate the production of affordable rental housing for low-income families and individuals; and

  WHEREAS, it is in the public interest that Vermont continues to participate fully in this program, in concert with existing efforts to create and preserve decent and affordable housing for all residents; and

  WHEREAS, Vermont has been successful in using its allocation of federal tax credits and creating much needed affordable housing; and

  WHEREAS, the Department of the Treasury of the United States and the Internal Revenue Service have issued their regulations concerning the low income housing credit under Section 42 of the Internal Revenue Code of 1986 (the “Federal Regulations”).

  NOW, THEREFORE, by virtue of the authority vested in me as Governor, I, Peter Shumlin, do hereby direct that:

  I. State Housing Credit Agency.

  The Vermont Housing Finance Agency is appointed as the “State Housing Credit Agency” for the purpose of carrying out and administering the low-income housing tax credit program as authorized by Section 252 of the Federal Tax Reform Act of 1986, [Revenue Code Sections 42 and 146(E)].

  The Vermont Housing Finance Agency, as the designated State Housing Credit Agency, is delegated the authority and responsibility for implementing tax credit allocation policies as recommended by the Joint Committee on Tax Credits, including preparation of the Qualified Allocation Plan for approval by the Governor and assuring that these policies are applied in the administration of the program.

  As the State Housing Credit Agency, the Vermont Housing Finance Agency is authorized to make low income housing credit allocations on behalf of the State of Vermont and to carry out the provisions of Section 42(h) of the Internal Revenue Code of 1986, as the same may be amended from time to time, as the “State Housing Credit Agency” and the “Issuing Authority.” For calendar year 2004 and all subsequent years until a superseding Executive Order is issued or a superseding State statute is adopted, 100% of the State housing credit ceiling is apportioned to the Vermont Housing Finance Agency to be allocated to particular projects by the Vermont Housing Finance Agency.

  II. Joint Committee on Tax Credits.

  a. Composition.

  The Secretary of the Agency of Commerce and Community Development has established a Joint Committee on Tax Credits consisting of: The Commissioner of the Department of Economic, Housing and Community Development or his/her designee; the Executive Director of the Vermont Housing Finance Agency or his/her designee; the Executive Director of the State Housing Authority or his/her designee; a Governor appointee or his/her designee; and the Executive Director of the Vermont Housing Conservation Board or his/her designee.

  b. Charge.

  The responsibilities of the Committee are as follows:

  1. To recommend policies consistent with the housing policy of the State of Vermont for the issuance of tax credits;

  2 To recommend procedures to be followed in the issuance of the tax credits;

  3. To recommend target percentages for allocation consistent with policy;

  4. To serve as a resource for coordinating the funding of complex projects; and

  5. To conduct periodic review, at least annually, of the performance in implementing program objectives.

  III. Effective Date.

  This Executive Order shall take effect upon signing. This Executive Order supersedes and replaces Executive Order No. 01-04, codified as No. 32-7, effective April 2, 2004.

  Dated March 7, 2012.