A programmable input/output circuit for a programmable logic device input/output pin can be configured in a standard I/O mode, or in a reference voltage mode. The circuit includes a tristatable, but otherwise standard I/O buffer as well as a reference voltage clamp circuit. In reference voltage mode, the I/O circuit is tristated, and the reference voltage clamp circuit passes a reference voltage from the I/O pin to a reference voltage bus. In standard I/O mode, the I/O buffer is operational. The reference voltage clamp circuit isolates the I/O pin from the reference voltage bus and may include undervoltage and overvoltage protection to prevent disturbance of the reference voltage bus by an out-of-range I/O signal.