Act No. 6748
ACT NO, 6748 BILL NO. 26-0044 TWENTY-SIXTH LEGISLATURE OF THE VIRGIN ISLANDS . OF THE UNITED STATES . + Regular Session 2005 To amend title 29 Virgin Islands Code, Chapter 12, to revise certain provisions of the Economic Development Program and for other related purposes ---0--- WHEREAS, since the Naval Appropriation Act of 1922 the U.S. income tax laws have been applied to the Virgin Islands, such that the current U.S. Internal Revenue Code of 1986, as amended applies to the Virgin Islands as if enacted by this Legislature, commonly referred to as the “Mirror Code”; and WHEREAS, pursuant to this Congressionally delegated power, the Legislature of the Virgin Islands has established the Economic Development Commission (“EDC’’) and its predecessor, the Industrial Development Commission, to administer a program to promote the economic development and general welfare of the Virgin Islands; and WHEREAS, the Legislature acknowledges the need to strengthen the administration of the EDC Program and to eliminate the potential for abuse of the EDC Program by including new standards with respec …
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