Delaware Extends Temporary VDA Program
As we’ve mentioned a few times, Delaware has a temporary Voluntary Disclosure Program that is being run out of the Secretary of State’s office – complete with a detailed website. The Secretary of State’s program operates separately from the VDA program run by the Division of Finance — the latter a program oft-criticized for being more stick than carrot.
Early reviews of the Secretary of State program have been favorable (though it should be noted that such work is still in the very preliminary stages) and the program has just been extended by the Delaware legislature. Pursuant to House Bill No. 2, holders can still obtain a VDA “look back” period starting in 1996 if the enter into the VDA program by 6/30/13 and make payment (or arrangements for payment) by 6/30/15.