Culturally Sensitive Population Growth for Economic Development

Key Issues: High unemployment, Limited economic growth, Brain drain

Amend Existing Laws:

• Economic Development Authority (Title 29 V.I.C. Chapter 12): Provides tax incentives for companies doing business in the U.S. Virgin Islands.
  • Scale back tax breaks so companies who receive benefits are required to contribute to the coffers after the first 10 years.
  • Strengthen the compliance arm to ensure these businesses hire locally.
  • Real Estate Development: Create a Revolving Loan Program to fund and revitalize derelict buildings in downtown areas with funding from the Community Development Trust Fund.
    • Set aside $1 million from the Tourism Revolving Fund to assist with probate administration of distressed properties.
• Customs Tax (Title 33 V.I.C. Subtitle 1, Chapter 12 Section 525): We pay 6% of duties on foreign items coming into the territory and the federal government keeps this money.
  • Negotiate better terms with the federal government to keep more money in the territory.
  • At least $15 million could be kept in the territory each year.