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October 10, 2004
Proposed EDC changes create air of uncertainty
More news about the new changes to the EDC program -
By PATRICK JOY
Saturday, October 9th 2004
ST. CROIX - Government officials and attorneys representing V.I. Economic Development Commission tax-break beneficiaries said Friday that the effects of federal tax law changes, which the U.S. Senate is expected to approve today, could be hit-or-miss for the approximately 100 companies in the program.
What is certain is that under those changes, the U.S. Internal Revenue Service will deliver a hard hit to a program that has brought more than $100 million into the territory.
The new rules are attached in an amendment to the American Jobs Creation Act, which the U.S. House of Representatives passed late Thursday night. The U.S. Senate did not get to it Friday, but the Senate Press Office said it was on the Senate agenda for this weekend.
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Posted by afinta at October 10, 2004 11:47 AM
