Tag: tax

Meeting in special session on Tuesday the V.I. Senate did not approve a newly revamped version of Gov. Albert Bryan Jr.'s securitization proposal, instead, sending it to the Finance Committee for further consideration.

The Senate Finance Committee on Friday passed a tax amnesty bill to help Virgin Islander face difficult financial times brought on by the COVID-19 pandemic.

Confusion swept through the Legislature on Thursday during a special session at which senators were called to vote on changes to a debt refinancing bill that aims to rescue a fiscally crumbling pension system. By an 8-6 margin, the newly amended legislation narrowly passed.

The governor’s proposed bill that aims to bail out the Government Employees' Retirement System was passed by the Legislature at a Friday special session, the culmination of Thursday’s Finance Committee hearing that moved into special session before being recessed.

The Senate Finance Committee on Thursday narrowly advanced Gov. Albert Bryan Jr.'s bill that aims to bail out the Government Employees' Retirement System by securitizing the territory’s Matching Fund debt.

Instead of taking immediate action on Gov. Albert Bryan Jr.'s bill to create a new funding source for the Government Employees' Retirement System, the V.I. Senate moved the measure to the Finance Committee for a hearing at 11 a.m. on Thursday.

Lawmakers say they want to diversify the Virgin Islands economy by pushing forward a bill that will designate 3,000 acres on the south shore of St. Croix as an enterprise zone.

A bill to amend the USVI's Hotel Development Act, allowing hotels that suffered storm damage to use the financial tools to help finance their recovery, was unanimously approved by the Senate Finance Committee.

Internal Revenue Bureau Director Joel Lee told lawmakers Tuesday that if the District Court rules against the government’s appeal to reinstate excise taxes, the bureau has no backup plan in the face of roughly $45 million in tax collection losses each year.