IGY-AYH St. Thomas Holdings, LLC – Summary Report

Collection: Executive Agency Records
Sub-shelf: VIEDA
Kind: Government Report
Island: St. Thomas
Date: 2026-04-21
Topics: Epstein Usvi
Pages: 3
Text: Native Text

Download the original document · Plain text (TXT) · Browse the archive · How this archive works

Original source: https://usvieda.org/wp-content/uploads/2026/04/IGY-AYH-St.-Thomas-Holdings-LLC-Summary-Report.pdf

SHA-256 9ed4626d590ec20e56f3f894c78e37f5ae63a536a8753354bf67f258a025901c

Re-using this document

An instrumentality of the Government of the Virgin Islands. No rights are stated anywhere: the document carries no copyright notice and the body publishes no terms of use. 17 U.S.C. § 105 does not reach territorial government, so nothing makes it public domain by operation of federal law — it publishes as a territorial public record, and we say plainly that the position is unstated rather than settled.

Our description, tagging, arrangement, extracted text and machine transcripts are released under CC0 1.0. We assert nothing about the document itself.

Archive identifier LF-9ed4626d590e

Document text

SUMMARY IGY-AYH ST. THOMAS HOLDING, LLC HISTORY: On April 25, 2007, a transfer application was filed with the VI Economic Development Commission (“VIEDC”) requesting a transfer of incentives to IGY-AYH St. Thomas Holdings, LLC (“IGY”). On May 29, 2007, Mr. Jeffery Epstein acquired 50% interest in IGY as a passive member. The transfer Certificate was agreed upon on December 12, 2010, with a transfer effective date of January 19, 2007. The below chart shows the periods of incentives: VIEDC Certificate of Incentives Percentage Commencement Termination Income Taxes 90% January 19, 2007 March 7, 2010 Gross Receipt Taxes 100% January 19, 2007 March 7, 2010 Excise Taxes (Raw Materials) 100% January 19, 2007 October 31, 2012 Excise Taxes (Equipment, Machinery) 100% January 19, 2007 October 31, 2012 Dividend Withholdings January 19, 2007 March 7, 2010 Interest Withholdings January 19, 2007 March 7, 2010 Real Property Tax 100% January 19, 2007 December 31, 2011 Custom Duties 1% January 19, 2007 October 31, 2012 On October 22, 2010, IGY submitted an extension application for an extension of its tax incentives. The extension application was accepted as complete by the Chief Executive Officer (“CEO”) of the USVI Economic Development Authority (“USVIEDA”) on November 12, 2010. On November 23, 2010, the public hearing was held, followed by the Commission meeting on February 24, 2011. On June 21, 2011, the Governor of the Virgin Islands approved the tax incentives, the Certificate of Tax Incentives (“Certificate”) was signed by the Chairman of the VIEDC on August 15, 2011, and the VIEDC Compliance orientation was held on January 13, 2013. IGY was granted an extension of its incentives that commenced and terminated as follows: VIEDC Certificate of Incentives Percentage Commencement Termination Income Taxes 81% March 8, 2010 March 7, 2015 Gross Receipt Taxes 90% March 8, 2010 March 7, 2015 Excise Taxes (Raw Materials) 90% N/A N/A Excise Taxes (Equipment, Machinery) 90% November 1, 2012 October 31, 2017 Dividend Withholdings March 8, 2010 March 7, 2015 Interest Withholdings March 8, 2010 March 7, 2015 Real Property Tax 90% January 1, 2012 December 31, 2016 Custom Duties 1% November 1, 2012 October 31, 2017 On October 30, 2015, IGY submitted a modification application for a modification of its tax incentives. Due to the incompleteness of the application, on December 23, 2015, the VIEDC Applications Unit requested the missing information; subsequent follow ups regarding the need for information was done by the VIEDC Applications Unit. Thereafter, on March 5, 2018, an amended application was submitted for a modification and extension of the tax incentives. On May 31, 2018, the application was accepted as complete. The public hearing was held on June 5, 2018, and the modification and extension of the tax incentives were approved on July 5, 2018 by the VIEDC Board1. The Certificate was signed by the Chairman of the VIEDC on November 5, 2018, and the Compliance orientation was conducted on February 1, 2019. IGY was granted a modification and extension of its incentives commencing and terminating as follows: VIEDC Certificate of Incentives Percentage Commencement Termination Income Taxes 81% March 8, 2015 March 7, 2025 Gross Receipt Taxes 90% March 8, 2015 March 7, 2025 Excise Taxes (Raw Materials) 90% N/A N/A Excise Taxes (Equipment, Machinery) 90% November 1, 2017 October 31, 2027 Dividend Withholdings March 8, 2015 March 7, 2025 Interest Withholdings March 8, 2015 March 7, 2025 Real Property Tax 90% January 1, 2017 December 31, 2026 Custom Duties 1% N/A N/A Compliance Status: The following compliance reviews were completed for IGY: 1. Completed April 24, 2017 covering the period January 19, 2007 to December 31, 2012. IGY was not found in full-compliance. However, during a July 6, 2017 VIEDC Board Decision meeting the following was ordered for a resolution of non-compliance: I. Accept IGY-AYH St. Thomas Holdings, LLC’s offer to make a contribution to the Workforce Development Fund in the amount of $500.97 for failure to fully comply with the terms of special condition number two, retirement benefits, by failing to contribute to one eligible employee’s retirement plan during 2008. 1Pursuant to Act 8056 II. Require IGY-AYH St. Thomas Holdings, LLC to pay $5,000.00 for failure to ensure that all contractors and subcontractors have a valid USVI business license and adhere to the terms and conditions of their VIEDC Tax Incentive certificate. 2. Completed April 24, 2017 covering the period January 1, 2013 to December 31, 2015. IGY was not found in full-compliance. However, during a July 6, 2017 VIEDC Board Decision meeting the following was ordered for a resolution of non-compliance: I. Require IGY-AYH St. Thomas Holdings, LLC to pay a fine of $6,000.00 for failure to comply with procurement procedures during 2014 and 2015. II. Require IGY-AYH St. Thomas Holdings, LLC to pay a fine of $55,000.00 for failure to provide its employees with long-term disability insurance during 2015 and require the Beneficiary to provide proof of long term disability insurance within sixty (60) days of the Board’s decision. On August 9, 2017, IGY petitioned then Chairman of the VIEDC, and then Acting CEO of the USVIEDA, and requested reconsideration, pursuant to the VIEDC Rules and Regulations sections 717-402 and 717-403, of the VIEDC Boards’ decisions of July 6, 2017. The petition also referenced sections 708-706(a), 708-707, 708-707(a), and 708-707(e) of the VIEDC Rules and Regulations as supporting basis for the reconsideration petition. On November 16, 2017, during the VIEDC Board Decision meeting, the following was ordered: 1. Deny IGY-AYH St. Thomas Holdings, LLC’s request for reconsideration. 2. Require IGY-AYH St. Thomas, LLC to comply with all previously issued Board actions within 15 calendar days of the Board’s decision. 3. If IGY-AYH St. Thomas Holdings, LLC does not comply with recommendation #2, an Order to Show Cause why its Tax Incentives certificate should not be revoked, suspended or modified for non-compliance with the terms and conditions of its certificate shall be issued pursuant to 29 V.I.C. § 722. On December 11, 2017, IGY remitted payment in the amount of $16,500.97 in accordance with the VIEDC Board’s order for a resolution of non-compliance. On December 12, 2017, the VIEDC issued a VIEDC Compliance Clearance to IGY for the compliance period January 19, 2007 to December 31, 2012 and January 1, 2013 to December 31, 2015.