While the U.S. Virgin Islands’ bonds are still rated in junk status, there are some significant signs of improvement and glimmers of hope for economic recovery in the territory. The price of some of the Territory’s bonds has more than doubled since the end of 2017, thanks in large part to a boom in construction during the post-hurricane rebuild and the reopening of the St. Croix oil refinery. Now, economic experts in the Territory feel good about the growth in the local economy believe there is a positive future for the territory’s bond ratings.
Continue Reading Signs of Economic Improvement: USVI Bonds Pick Up
Proposed Law Would Address Digital Assets
(Attorney Tom Bolt (Photo from the BoltNagi PC website.)
A bill under consideration by the Senate Rules and Judiciary Committee would make such things as emails, passwords to bank accounts and online trading accounts covered by V.I. laws about how to handle property when someone dies or is incapacitated.
The changes are necessary because
Business Leaders Push Trump Administration for Quicker Approvals, Simpler Regulations from EPA
Various industry groups in the United States are pushing The Trump Administration for a faster permit process and simplified environmental regulations.
Many of these groups are associations representing industries such as drilling, mining, refining and building. These associations have submitted hundreds of pages of documents to the Environmental Protection Agency (EPA) and the U.S. Commerce
U.S. Virgin Islands Signs Tax Agreement with Airbnb
The U.S. Virgin Islands and Airbnb recently reached a landmark agreement that will allow the popular service for apartment and room rentals to collect the 12.5 % Hotel Room Occupancy Tax on behalf of hosts. Airbnb will then remit those funds to the Territory’s Bureau of Internal Revenue.
The deal also establishes a framework by
USVI Attorney General: Physicians Must Treat Medicare, Medicaid Patients
Recent efforts on the part of U.S. Virgin Islands Governor Kenneth E. Mapp have resulted in the federal Medicaid program being made available to an additional 19,000 citizens in the Territory. However, reports continue to circulate about physicians denying medical services to Medicare and Medicaid patients.
An official complaint regarding this denial of care was
Determining Eligibility for EDC Tax Incentives in the US Virgin Islands
Are you wondering whether you qualify to receive benefits from the Economic Development Commission in the U.S. Virgin Islands? To be considered eligible for benefits, applicants must meet the following requirements:
- Invest a minimum of $100,000 outside of their inventory in a business or industry that is determined to advance the best interest of
US Virgin Islands Offers Tax Incentives for Relocating Companies
The U.S. Virgin Islands receives a great deal of publicity for the vitality of its tourism industry, and rightfully so—there are so many beautiful beaches, plenty of sunshine and some fascinating historical sites to check out. However, the Territory also offers some attractive incentives for businesses that relocate here.
The Economic Development Authority and the
Governor Signs Sin Tax Measure, Additional Bills into Law
U.S. Virgin Islands Governor Kenneth Mapp recently signed five new bills into law, one of which is the revised Revenue Enhancement and Recovery Act. It’s popularly known as the “sin tax bill.”
The bill increases the taxes levied on alcoholic beverages, cigarettes, timeshares and sugary carbonated beverages throughout the territory. While the total amount of
USVI Begins Overtime Pay Cuts for Public Workers
To help mitigate the potential financial crisis facing the U.S. Virgin Islands, Governor Kenneth E. Mapp recently ordered dramatic cuts in overtime work hours as he reviews ways to keep the Territory’s government operational.
The Virgin Islands Police Department (VIPD) became one of the first public agencies to drastically reduce its overtime work hours in
Governor Vetoes Bill Eliminating Customs Duties in U.S. Virgin Islands
U.S. Virgin Islands Governor Kenneth Mapp recently vetoed legislation that would have eliminated customs duties, while at the same time transferring money that would have been collected through a different provision in the proposed bill.
The bill, sponsored by Sen. Kurt Vialet, would have mandated the Bureau of Internal Revenue to create and present a