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October 12, 2004
U.S. Senate expected to pass bill today that could cripple EDC program
This is pretty big news around here. The EDC program has brought a lot of investment, jobs, and income to the territory. I don't want to over state the possible negative effects about the whole thing but in the short term it could make the local economy, especially the part that doesn't count on tourism so much, a lot tougher. It may also halt the rising prices of real estate.
By MEGAN POINSKI
Monday, October 11th 2004
The U.S. Senate is expected to approve today legislation that could severely curtail the territory's Economic Development Commission tax-incentive program.
The territory discovered last week that language in an amendment to the federal Jumpstart Our Business Strength bill coming out of the Congressional conference committee. The new version of the bill passed the U.S. House of Representatives on Thursday. The U.S. Senate has debated through the weekend and at 1:40 p.m. Sunday, senators approved a motion for cloture, which limits further debate to 30 hours. After 30 hours have passed, a vote on the measure must be taken.
If the bill becomes law, money that EDC beneficiaries make on the mainland will not be eligible for tax breaks. Those tax breaks - as much as 100 percent of personal income in some cases - form the backbone of the EDC program.
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Posted by afinta at October 12, 2004 10:59 AM
