Vermont § 992 - Allocation; authority

§ 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.)