By Tom Bolt on Posted in Government Relations(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 “the… Continue Reading
By Tom Bolt on Posted in Government RelationsVarious 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… Continue Reading
By Tom Bolt on Posted in Government RelationsThe 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… Continue Reading
By Tom Bolt on Posted in Government RelationsRecent 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… Continue Reading
By Tom Bolt on Posted in Government Relations,Tax & Estate PlanningAre 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 the… Continue Reading
By Tom Bolt on Posted in Government RelationsThe 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… Continue Reading
By Tom Bolt on Posted in Government RelationsU.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… Continue Reading
By Tom Bolt on Posted in Government RelationsTo 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… Continue Reading
By Tom Bolt on Posted in Government RelationsU.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… Continue Reading
By Tom Bolt on Posted in Government Relations,Labor & EmploymentAndrew F. Puzder, who rose to prominence as a fast food executive, recently withdrew from consideration to be President Donald Trump’s Secretary of Labor. Puzder had been the subject of a great deal of debate and scorn since his announcement in December, particularly among progressive groups and labor unions. After records of spousal abuse from… Continue Reading
By Steven K. Hardy on Posted in Government RelationsPresident Donald Trump recently nominated Wilbur Ross to serve as U.S. Secretary of Commerce. With Ross’ confirmation by the Senate on February 27, 2017, economists are already looking at what the appointment will mean for businesses across the country—including here in the U.S. Virgin Islands. Most of the discussions that took place during the congressional… Continue Reading
By Tom Bolt on Posted in Government RelationsWith its current debt at more than $70 billion, Puerto Rico has been forced to consider new ways to balance its budget and meet its financial obligation. The territory no longer controls its own finances as of June 30, 2016, when then-President Barack Obama signed the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA).… Continue Reading
By Tom Bolt on Posted in Government Relations,Tax & Estate PlanningDuring his campaign, President Donald Trump put forth a tax plan that would cap itemized deductions, barring single people from deducting more than $100,000 and preventing couples from deducting more than $200,000. This proposal would help raise more than $1 trillion over the course of a decade. However, according to the Tax Policy Center, the… Continue Reading
By Tom Bolt on Posted in Government RelationsMembers of the U.S. Virgin Islands Senate recently met to discuss a variety of issues, including the financial affairs of the Government of the Virgin Islands. Of particular interest were the opinions of senators on Gov. Kenneth Mapp’s proposed “sin taxes” for the territory. These taxes would include new levies on cigarettes, alcohol, carbonated sugar… Continue Reading
By Tom Bolt on Posted in Government RelationsThe Legislature of the Virgin Islands recently approved Bill No. 31-0398, a new bill eliminating customs duties in the Territory. These duties generate approximately $12 million every year, but for more than 10 years, the U.S. Customs and Border Protection has taken almost all of it to cover the costs of collecting it. As a… Continue Reading
By Tom Bolt on Posted in Government RelationsIf you’ve been following the news over the past nine months or more, you likely know about the serious debt crisis facing Puerto Rico—and efforts by the United States federal government to address it. This begs a natural question: could the same thing happen here in the U.S. Virgin Islands? That was the subject of… Continue Reading
By Tom Bolt on Posted in Government RelationsFitch, one of the top ratings firms in the United States, has become the latest to officially downgrade U.S. Virgin Islands bonds. The downgrade comes at an inopportune time for the Government of the Virgin Islands, which is in the middle of hearings by the 31st Legislature on the FY 2017 Executive Budget which has… Continue Reading
By Tom Bolt on Posted in Corporate & Financial Services,Government RelationsTrade secrets are a valuable type of intellectual property—and they’re now subject to a number of federal protections similar to patents, copyrights and trademarks. This development is thanks to the new Defend Trade Secrets Act, which was written and approved to help strengthen the protection of trade secrets in the United States and its territories.… Continue Reading
By Ravi S. Nagi on Posted in Government Relations,Labor & EmploymentLast summer, President Barack Obama announced plans to raise the overtime salary threshold, a move that promised to make millions more Americans eligible for overtime pay. Those plans went into effect last month, when the White House revealed the details of the new overtime threshold rules the President had set forth. The measure is the… Continue Reading
By Tom Bolt on Posted in Government RelationsAs of June 9, the U.S. Virgin Islands is no longer tied to the Puerto Rico Oversight Management and Economic Stability Act (PROMESA), a development that was referred to as a “significant victory” by Stacey Plaskett, the territory’s delegate to Congress. The bill passed after Congress made changes to a particularly controversial section that would… Continue Reading
By Tom Bolt on Posted in Community Affairs,Government RelationsU.S. Virgin Islands Governor Kenneth E. Mapp recently held a press conference at Government House, where he discussed a number of economic development initiatives. Tourism has long been the single-largest driver of the economy in the U.S. Virgin Islands, and the industry has fully recovered since the Great Recession. Mapp emphasized the importance of the… Continue Reading
By Tom Bolt on Posted in Community Affairs,Government RelationsBack in April, the U.S. Supreme Court ruled unanimously that states were allowed to count all of its residents—and not just those eligible to vote—when drawing their elective districts. The decision was a significant statement on the principle of “one person, one vote,” and marked the first time the Supreme Court had ever ruled on… Continue Reading
By Tom Bolt on Posted in Government RelationsOfficials in the U.S. Virgin Islands continue to watch closely the situation in Puerto Rico, where the territory has been unable to make service payments on its roughly $70 billion in debt. The crisis has become so severe that the Puerto Rican government has had to make drastic cuts to healthcare, public safety and education—and… Continue Reading
By Steven K. Hardy on Posted in Government Relations,Tax & Estate PlanningThe federal estate tax has been the subject of much debate in the United States for many years. Now, the federal government is facing pressure once again to repeal the tax for good—and the effort is generating a great deal of support. A letter sent March 15 by the Family Business Coalition to Senate Majority… Continue Reading
