Act No 8027 Capital Definition for Calculation of Franchise Tax along with Franchise Tax Minimum and Maximum
ACTNO. 802° BILL NO. 32-0010 THIRTY-SECOND LEGISLATURE OF THE VIRGIN ISLANDS Regular Session 2017 An Act amending title 13 Virgin Islands Code, chapter 5, section 531 relating to the rate and computation of franchise taxes; amending title 5 Virgin Islands Code, section 3561 (a) to grant peace officer status to security guards of the Legislature of the Virgin Islands, enforcement officers of the V.I. Lottery, the executive director of the Peace Officers Standard and Training and investigators and enforcement officers of the Juan E. Luis and Roy L. Schneider Hospitals: amending title 23 Virgin Islands Code, sections 608 (c) and 612 extending the distance beyond which hazardous chemical are prohibited: extending the availability of funds appropriated in section 2 of Act No. 7897 for V. I. Housing Finance Authority's asbestos in homes program, and amending Act No. 7866, adding 5 passenger vans to the First Responder Fleet Project for the Department of Sports. Parks and Recreation wne()e-- Be it enacted by the Legislature of the Virgin Islands: SECTION 1. Title 13 Virgin Islands Code. …
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ACTNO. 802° BILL NO. 32-0010 THIRTY-SECOND LEGISLATURE OF THE VIRGIN ISLANDS Regular Session 2017 An Act amending title 13 Virgin Islands Code, chapter 5, section 531 relating to the rate and computation of franchise taxes; amending title 5 Virgin Islands Code, section 3561 (a) to grant peace officer status to security guards of the Legislature of the Virgin Islands, enforcement officers of the V.I. Lottery, the executive director of the Peace Officers Standard and Training and investigators and enforcement officers of the Juan E. Luis and Roy L. Schneider Hospitals: amending title 23 Virgin Islands Code, sections 608 (c) and 612 extending the distance beyond which hazardous chemical are prohibited: extending the availability of funds appropriated in section 2 of Act No. 7897 for V. I. Housing Finance Authority's asbestos in homes program, and amending Act No. 7866, adding 5 passenger vans to the First Responder Fleet Project for the Department of Sports. Parks and Recreation wne()e-- Be it enacted by the Legislature of the Virgin Islands: SECTION 1. Title 13 Virgin Islands Code. chapter 5, section 531 is amended in the following instances: (a) Subsection (a) is amended in the first sentence after the phrase “each thousand dollars of by inserting “stock, capital, and paid in”, and the second, third and fourth sentences are stricken. (b) Existing subsections (b), (c) and (d) are re-designated as subsections (f), (g) and (h) and new subsections (b), (c). (d) and (e) are inserted to read as follows: “(b) Notwithstanding the definition in section 100 of this title, for purposes of computing franchise taxes, the term, “capital stock”, includes the stated value of all classes of stock authorized, issued, and outstanding, plus the paid in capital in excess of stated value. “Paid in capital” means the cash and other 3 A 4 Witness our Hands and Seal of the Legislature of the Virgin Islands this Ge Day of January, A.D., 2018. y ws PEMA. OF y My D. Jackso Ue @ sident hvac Wi wis ans wg A. Forde ae! ‘a Legislative Secretary Bill No. 32-0010 is hereby approved. Witness my hand and the Seal of the Government of the United States Virgin Islands at Charlotte Amalie, St. Thomas, Thi day of January, 2018 A.D. Kenn E. app Governor