Bill No. 35-0222 - An Act amending title 29 Virgin Islands Code, chapter 12, section 713e (a) relating to granting an exemption from the payment of franchise taxes for entities
COMMITTEE ON BUDGET, APPROPRIATIONS AND FINANCE BILL NO. 35-0222 Thirty-Fifth Legislature of the Virgin Islands January 18, 2024 An Act amending title 29 Virgin Islands Code, chapter 12, section 713e (a) relating to granting an exemption from the payment of franchise taxes for entities providing affordable housing PROPOSED BY: Senator Marvin A. Blyden Be it enacted by the Legislature of the Virgin Islands: 1 SECTION 1. Title 29 Virgin Islands Code, chapter 12, section 713e (a) is amended in 2 paragraph (3) by striking the period at the end of the paragraph and inserting “; and” and by 3 adding a paragraph (4) that reads follows: 4 “(4) franchise taxes, provided that evidence is supplied, at the time of purchase, in the 5 form of a restrictive covenant or other such binding document, limiting the use of the purchased 6 property to affordable housing development.” 7 BILL SUMMARY 8 This bill grants an exemption from the payment of franchise taxes for entities providing 9 affordable housing. …
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COMMITTEE ON BUDGET, APPROPRIATIONS AND FINANCE BILL NO. 35-0222 Thirty-Fifth Legislature of the Virgin Islands January 18, 2024 An Act amending title 29 Virgin Islands Code, chapter 12, section 713e (a) relating to granting an exemption from the payment of franchise taxes for entities providing affordable housing PROPOSED BY: Senator Marvin A. Blyden Be it enacted by the Legislature of the Virgin Islands: 1 SECTION 1. Title 29 Virgin Islands Code, chapter 12, section 713e (a) is amended in 2 paragraph (3) by striking the period at the end of the paragraph and inserting “; and” and by 3 adding a paragraph (4) that reads follows: 4 “(4) franchise taxes, provided that evidence is supplied, at the time of purchase, in the 5 form of a restrictive covenant or other such binding document, limiting the use of the purchased 6 property to affordable housing development.” 7 BILL SUMMARY 8 This bill grants an exemption from the payment of franchise taxes for entities providing 9 affordable housing. The purpose of this language is to lower the cost of properties and homes 10 constructed for the purpose of affordable housing. At the same time, it seeks to minimize 11 opportunities for fraud by ensuring that, in order to utilize the exemption, a binding document 12 is required to show that the property will be dedicated solely to affordable housing 13 development. 14 BR23-0142/January 19, 2023/SLR/Updated by HLF 15