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
Study: USVI Lost 4,500 Jobs After Hurricanes of Fall 2017
Information gathered by the Federal Reserve Bank of New York’s Research and Statistics Group shed some light on the effects of the hurricanes of Fall 2017 on the economy of the U.S. Virgin Islands, including the statistic that the territory lost 4,500 jobs in the wake of the hurricanes.
Continue Reading Study: USVI Lost 4,500 Jobs After Hurricanes of Fall 2017
Department of Labor Unable to Act Against Employers to Fail to Make Unemployment Insurance Payments
Officials from the Department of Labor recently told lawmakers in the U.S. Virgin Islands that understaffing in the DOL has prevented the department from pursuing legal action against employers who have failed to make their unemployment insurance payments. These delayed and missing payments have, in turn, delayed the payment of benefits to newly unemployed citizens.
Tourists are Returning to the U.S. Virgin Islands, but Hotel Rooms are Lacking
It’s been about six months since the U.S. Virgin Islands were devastated by a pair of Category 5 hurricanes. Some sense of normalcy is finally returning to the Territory—services are back up and running, businesses and homes are rebuilding, and tourists have begun coming back to the U.S. Virgin Islands.
In fact, some airlines are
5 Tax Relief Tips for Victims of Hurricanes Irma and Maria
The recent hurricanes in the U.S. Virgin Islands left homeowners and businesses alike with massive damage unlike anything they had seen in the past. These property losses continue to have major implications on families and businesses now that tax season is upon us.
Fortunately, new laws enacted several months ago provide special tax breaks for
How This Fall’s Hurricanes Will Play a Role in Tax Season
This year’s tax season looks a little different than in the past for people who live in areas that were affected by the major hurricanes in 2017. The IRS is still focused on accommodating the various tax needs, including relief efforts, of individuals impacted by the disasters.
On September 29, Congress passed the Disaster Tax
Legal Safeguards in Hiring Contractors for Hurricane Repairs, Reconstruction
In the weeks and months after a natural disaster, contractors tend to flood the affected area with tantalizing offers of rock-bottom rates for repairs and reconstruction services. This is prime season for scammers, who tend to cut corners, use low-grade materials or skip out on the job entirely after receiving payment.
Thus, when you hire
Businesses Should Have Disaster Preparedness, Contingency Plans
One of the many lessons businesses across the U.S. Virgin Islands and the rest of the Caribbean have learned in the wake of Hurricane Maria is that it is absolutely imperative to have disaster preparedness and contingency plans. The unfortunate reality is that all it takes is one large storm to come through and wipe
U.S. Virgin Islands Still in Need of Federal Relief after Hurricane Maria
It has been weeks since Hurricane Maria swept through the U.S. Virgin Islands, causing catastrophic damage to the Territory’s buildings and infrastructure. However, the Territory still finds itself in great need of federal assistance.
In mid-October, a group of Democratic lawmakers sought tax relief for both Puerto Rico and the U.S. Virgin Islands, which were
Senators See Opportunity to Rebuild U.S. Virgin Islands in a Sustainable Manner
Several senators on the Committee on Energy and Natural Resources, led by Sen. Lisa Murkowski (R-Alaska), have expressed their support when it comes to providing funding for rebuilding the U.S. Virgin Islands infrastructure that would be stormproof.
As the scientific community has agreed that hurricanes will likely be more common in the future due to