Act No. 7004 (27th Legislature) — An Act amending title 29 Virgin Islands Code, Public Planning and Development adding chapter 22, to provide for the creation of a tax increm
ACT NO. 7004 BILL NO. 27-0182 TWENTY-SEVENTH LEGISLATURE OF THE VIRGIN ISLANDS Regular Session 2008 An Act amending title 29 Virgin Islands Code, Public Planning and Development adding chapter 22, to provide for the creation of a tax incremental financing program, administered by the Virgin Islands Economic Development Authority providing for the issuance of bonds by the Public Finance Authority; amending title 29 Virgin Islands Code, chapter 21, section 1103 relating to the authority under the Economic Development Authority’s charter to administer the tax incremental financing program; amending title 29 Virgin Islands Code, chapter 12 relating to the exclusion of business from eligibility for economic development benefits; providing several appropriations; and providing for other purposes ---0--- WHEREAS, the Legislature finds and declares that there exist within the Virgin Islands blighted areas that constitute an economic and social liability, imposing onerous burdens that decrease the tax base and reduce tax revenues, substantially impair or arrest sound growth, retard the provis …
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Archive identifier LF-fc7795a16746