Enterprise Zone Commission town hall 2020
Economic Development Authority Town Hall Meeting U.S. Virgin Islands Enterprise Zone Commission TREY research EZC Mandate Title 29 VIC, Chapter 19 • Provide the necessary means to the assist local communities, the residents, and the private sector in creating the proper economic and social environment to induce the investment of private resources in productive business enterprises located in severely distressed Enterprise Zone areas. • In achieving this objective, the Territory will seek to provide appropriate investments, tax benefits and regulatory relief of sufficient importance to encourage the business community to commit its financial participation. • The intent is to accomplish these goals by removing unnecessary governmental regulatory barriers to economic growth, and to provide for tax incentives and economic development program benefits. …
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Economic Development Authority Town Hall Meeting U.S. Virgin Islands Enterprise Zone Commission TREY research EZC Mandate Title 29 VIC, Chapter 19 • Provide the necessary means to the assist local communities, the residents, and the private sector in creating the proper economic and social environment to induce the investment of private resources in productive business enterprises located in severely distressed Enterprise Zone areas. • In achieving this objective, the Territory will seek to provide appropriate investments, tax benefits and regulatory relief of sufficient importance to encourage the business community to commit its financial participation. • The intent is to accomplish these goals by removing unnecessary governmental regulatory barriers to economic growth, and to provide for tax incentives and economic development program benefits. TREY research Tax Benefit Programs Enterprise Zone Tax Credit Program Enterprise Zone Plan Program Commercial Zone Program Virgin Islands Code Title 29 V.I.C., Chapter 19 §§ 1001-1017h Title 29 V.I.C., §1014 (2)with sunset of March 9, 2024 Title 29 V.I.C., §1017 sunset April 28, 2019) Eligibility Must be a licensed business or an owner-occupied residence within the zone. Be a resident of the U.S. Virgin Islands (“USVI”) Be the actual investor in the Enterprise Zone. (“EZ”) Meet the standards of ecological compatibility. In addition to the requirements of the Enterprise Zone Tax Credit program, those applying for this program must have businesses/activities that are in accordance with the incentivized activities in the adopted plan for the zone in which one is applying. Establish and continue to maintain a business with a valid licenses and permits Benefits A Nonrefundable gross receipts or income tax credit equal to 25% of the actual value expended within the fiscal year for construction or rehabilitation of building within the zone. A nonrefundable gross receipts or income tax credit equal to 10% of the expenditures within a fiscal year for investment in machinery and equipment for the beneficiary business. A gross receipt tax rate of 3% for gross receipts derived from the EZ business. A one-time nonrefundable $500 income tax credit for every job created with the for USVI residents. A property tax credit against taxes imposed equal to the increase in property taxes assessed due to renovation, rehabilitation or construction property within the zones. An income tax exemption of 90%; An exemption from gross receipts of 100%; and An exemption from property taxes of 100%. A non-refundable gross receipts tax credit or an income tax credit equal to 10% of the actual value expended within a fiscal year for construction /rehabilitation of a building or other real property. Additional percentages may be stacked, but may not exceed 35%. (Off Street Parking 5-15%, Entertainment 5%, New Residential 10%, Retail carrying predominantly cultural or locally made products 10%). A gross receipts tax rate of 3% for gross receipts derived by the Commercial Zone business. A property tax credit against taxes imposed equal to the increase in property taxes assessed due to renovation, rehabilitation or construction property within the zones. Employment Employ at least two residents of the USVI directly or through a contractor. Employ at least two residents of the USVI directly or through a contractor. Employ at least 4 residents of the USVI & 1 paid apprentice directly or through a contactor. Investment Invest a minimum of $10,000 in the rehabilitation, renovation or construction of the building. Invest a minimum of $10,000 in the rehabilitation, renovation or construction of the building. Requires a minimum investment of $75,000. Years of benefits 10 years in accordance with the issued certificate. 5 years as specified in the certificate. 5 years as specified in the certificate. Zone Christiansted, Frederiksted, Garden Street & Upstreet, Savanne & Downstreet zones. Christiansted, Frederiksted, Garden Street & Upstreet, Savanne & Downstreet zones TREY research Community Plans & Opportunities TREY research 5 • Multiple Ownership • Funding Challenge TREY research Popping up in St. Croix!! In March 2020 Add a footer TREY research And there are more programs Estate Planning Conference, EntrepreNow, Accelerator programs, Etc!!! Add a footer