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October 24, 2004
Bush signs tough new EDC rules into law
ST. CROIX - As expected, President Bush signed a revised corporate tax law that includes an amendment setting strict new residency and source-of-income rules for the Economic Development Commission program that offers tax breaks to companies in the Virgin Islands.
The residency and income requirements that opponents fear will cripple the tax incentive program were added in a last-minute amendment to the American Jobs Creation Act in a conference committee earlier this month. The bill passed the U.S. House of Representatives on Oct. 7, and the U.S. Senate passed it three days later.
Bush signed the legislation, which includes $136 billion in new tax breaks for U.S. businesses, farmers and other groups, just before hitting the campaign trail Friday afternoon.
Acting Gov. Vargrave Richards said in a released statement that in anticipation of the president's signing the bill into law, the Turnbull administration commissioned a study from PricewaterhouseCoopers to assess its economic impact on the EDC tax-incentive program.
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Posted by afinta at October 24, 2004 06:06 PM
