Bill No. 30-0438, a U.S. Virgin Islands Senate bill approved in committee at the end of October could, if passed, pave the way for local contractors to receive additional priority when bidding for government contracts in the territory.
Local contractors already have significant standing when it comes to government contracts. Under the terms of
Pending legislation could mean an increase in the film industry’s already booming business in the U.S. Virgin Islands, according to a source familiar with the industry’s workings in the Territory. The legislation could be passed as soon as the end of the year.
For now, shooting in the U.S. Virgin Islands offers no major tax
Of all the important decisions you need to make when starting a new business, the choice of business entity is one that carries a lot of weight and demands a considerable amount of thought. One reason this decision demands such careful planning is because there are so many available options, and they all have different
At the 2014 State of the Industry Conference organized by the Caribbean Tourism Organization in St. Thomas, keynote speaker Apple Leisure Group CEO Alex Zozaya emphasized the importance of keeping politics and bureaucracy out of the tourism industry if it’s expected to grow. Instead, Zozaya said, tourism should be run like the business that it
The federal estate tax, a source of consternation for many who believe personal wealth and assets should be freely transferable to family, friends or charities after a person dies, seems to have become a permanent fixture of U.S. tax law. However, opposition to the estate tax — which some opponents have dubbed the “death tax”
A bill recently passed in the U.S. Virgin Islands Legislature would allow the Government of the Virgin Islands to guarantee up to $20 million of hotel developers’ leases for up to 25 years, a move that supporters cheered as a boon to the islands’ economic development.
Under the legislation, the Public Finance Authority would have
Vacant units at the Sapphire Beach condominiums on the East End of St. Thomas, U.S. Virgin Islands are at the center of a recent complaint submitted to the territorial court on behalf of condo unit owners, who claim the failure of the owners of those since-vacated units to pay common charges has put considerable financial
Filing for bankruptcy protection does not necessarily mean giving up all of your property and assets. In both Chapter 7 and Chapter 13 bankruptcy filings, exemptions allow you to hold onto certain assets. Depending on the particular item, your property may be protected up to a certain dollar amount. In other cases, the protection is
As part of its ongoing mission to promote sustainability through environmental design and energy efficiency, the University of the Virgin Islands recently received confirmation of an initial success.
The Research and Technology Park building on the St. Croix campus has been certified green by the Green Building Certification Institute. RTPark is now considered a LEED
At an economic roundtable hosted by Senator Diane Capehart and IBCVI & Co. in August, an investment advisor proposed using federal grants and loans to guarantee commercial bank loans, noting it would allow U.S. Virgin Islands banks to increase lending to startups and capital projects. Many commercial banks have been reluctant to lend in the