The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
006
:
PRIVATE ACTIVITY BONDS
(Cite as: 32 V.S.A. § 992)
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§ 992. Allocation; authority
(a) The State of Vermont hereby elects, under Section 146 of the Internal Revenue Code of 1986, as amended, to establish its formula for allocating the State ceiling among the
governmental units of a state having authority to issue “private activity bonds” the
interest on which is not included in gross income of recipients thereof for federal
income tax purposes. The State allocation formula established under this subchapter
shall apply to all private activity bonds that all issuing authorities may issue in
any calendar year.
(b)(1) One hundred percent of Vermont’s federally allocated State ceiling on the volume of
private activity bonds that may be issued in any calendar year is hereby allocated
to the State. The Emergency Board established by chapter 3 of this title shall be
the duly authorized agency of the State having the power to apportion the State’s
private activity bond ceiling to and among the constituted issuing authorities empowered
to issue such bonds. The Emergency Board shall exercise this power on or before January
31 in each calendar year by apportioning the ceiling among issuing authorities, reserving
such portion as the Board deems appropriate in the form of a contingency allocation
to be available to all issuing authorities at the discretion of the Emergency Board,
pursuant to policies and guidelines established by the Board.
(2) The Board may delegate the power and authority granted to it under this section to
the Governor, subject to the Board’s policies and guidelines, for any assignments
or reallocations of any unused portion of the ceiling made after December 20 in any
calendar year. All assignments or reallocations of the private activity bond ceiling
made pursuant to this section shall be made in writing in accordance with Section 146 of the Internal Revenue Code of 1986. (Added 1985, No. 25, § 1; amended 1987, No. 36, § 2, eff. May 11, 1987; 2017, No. 74, § 135.)