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Revoked and rescinded by Executive Order No. 3-65 (codified as Executive Order 01-15),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Revoked and rescinded by Executive Order No. 3-65 (codified as Executive Order 01-15),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Superseded and replaced by Executive Order No. 01-04 (codified as Executive Order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Superseded and replaced by Executive Order No. 01-04 (codified as Executive Order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Revoked and rescinded by Executive Order No. 3-65 (codified as Executive Order 01-15),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Superseded and replaced by Executive Order No. 32-10 (codified as Executive Order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.