Act No. 7532 — An Act clarifying the provisions of existing law respecting certain exemptions from stamp tax on transfers of real property in specified cir
ACTNO, 7532 BILL NO. 30-0177 THIRTIETH LEGISLATURE OF THE VIRGIN ISLANDS Regular Session 2013 An Act clarifying the provisions of existing law respecting certain exemptions from stamp tax on transfers of real property in specified circumstances ---0--- WHEREAS, Virgin Islands law has long exempted from stamp tax imposed on the transfer of title by operation of law in the case of mergers, consolidations, dissolutions, and similar transactions of corporations, and transfers of title between family members within specified degrees of relation; and WHEREAS, Virgin Islands law now provides for mergers, consolidations, dissolutions and similar transactions of limited liability companies; and WHEREAS, there is no functional distinction between corporations and limited liability companies as respecting the holding of title to property; and WHEREAS, it has been commonplace that transfers of title between family members have been made by and through family trusts; and WHEREAS, the statutory exemption from stamp tax for transfers of title between family members has been interpreted for many yea …
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