March 3, 2005 Gov. Charles W. Turnbull, who returned to the territory Wednesday, used his time in Washington, D.C, at a National Governors' Conference to speak with U.S. Department of Treasury officials concerning new rules and regulations.
According to a release from Government House, Turnbull attended a meeting of the Interagency Group on Insular Affairs Tuesday, which was chaired by the White House and Secretary of the Interior Gale Norton.
Eric Solomon, acting assistant secretary of the U.S. Department of Treasury, was also present at the meeting, and according to the release, the governor took time to speak with him concerning Treasury rules and regulations that could affect the territory.
Turnbull and governors from the other U.S. territories raised again the need for immediate guidance and reasonable Treasury Department rules to provide relief from statutory tax law changes enacted by Congress last year, the release said further.
These rules threaten the territory's Economic Development Commission program, and have been a source of concern in particular for the designated services business sector.
"Secretary of Interior Norton reaffirmed the Department of the Interior's support for a satisfactory resolution of this issue," Turnbull stated. "Secretary Solomon indicated that Treasury understood the importance of providing guidance and that proposed rules would be issued in 'the very near future.'"
The governor stated further, "We are working with our friends in the Congress, in the Bush Administration and elsewhere that the Treasury rules balance the need to preclude tax abuse with the critical need to promote economic development and fiscal self-sufficiency in the Virgin Islands."
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