{"id":35047,"date":"2016-02-12T22:16:34","date_gmt":"2016-02-12T22:16:34","guid":{"rendered":"https:\/\/viconsortium.com\/?p=35047"},"modified":"2016-02-12T22:36:05","modified_gmt":"2016-02-12T22:36:05","slug":"mapp-refuses-e-d-a-tax-benefits-to-valance-a-company-owned-by-warren-mosler","status":"publish","type":"post","link":"http:\/\/wp.viconsortium.com\/?p=35047","title":{"rendered":"Mapp Refuses E.D.A. Tax Benefits To Valance, A Company Owned By Warren Mosler"},"content":{"rendered":"<p class=\"\"><span class=\"\">Governor Kenneth Mapp has returned two agreements for tax benefits to the Economic Development Authority (E.D.A.) for further \u201creview and reconsideration,&#8221; a press release Government House issued on Friday has made known. By law, the governor has final approval over all applications for tax exemptions granted by the authority.<\/span><\/p>\n<p class=\"\"><span class=\"\">New applicant Amalie Global, a financial services and consulting firm, sought 100 percent exemptions from property, gross receipts and excise taxes and a 90 percent exemption from payment of income taxes in exchange for employing five full time employees for the first four years, while making a $100,000 investment and donating $50,000 to local charities in the first year.<\/span><\/p>\n<p class=\"\"><span class=\"\">In his letter to EDA Acting Chief Executive Officer Wayne Biggs, Mr. Mapp indicated that the promised employment was, \u201cinsufficient to the value of the tax holiday provided,\u201d and that the economic benefits to the territory were unclear.<\/span><\/p>\n<p class=\"\"><span class=\"\">\u201cI ask the Board to have your staff revisit the application and provide me an updated recommendation based on my concerns,\u201d the governor wrote. <\/span><\/p>\n<p class=\"\"><span class=\"\">Valance, Inc., <span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"http:\/\/moslereconomics.com\/valance\/\" target=\"_blank\">a St. Croix firm<\/a><\/span> owned by Local millionaire and former thrice delegate to Congress candidate Warren Mosler, specializing in providing economic research and financial services, is seeking modification and an extension of its existing agreement. Mr. Mapp<\/span><span class=\"\">\u00a0noted that Valance has enjoyed ten years of tax benefits and, though it was in full compliance during that period, it also was quite a profitable enterprise in all but one year. Of further concern to the governor, according to the release, is Valance&#8217;s request of a reduction in the minimum number of employees from ten to five, to include its two owners as employees, thereby only needing to employ three others.<\/span><\/p>\n<p class=\"\"><span class=\"\">\u201cI am puzzled as to why the E.D.A. would forward me an application recommending that I grant substantial tax holidays and reduce the paltry economic investment requirements to the people of the Virgin Islands for an entity which has been proven to be highly profitable,\u201d Mr. Mapp said.\u00a0<\/span><span class=\"\">\u201cI do not believe that this is the way for us to go.\u201d <\/span><\/p>\n<p class=\"\"><span class=\"\">The release further stated that Governor Mapp told the E.D.A. that in order for him to consider approving any extension, employment levels must be restored to what was promised in the original certificate and the charitable contributions must also be restored or increased. The governor indicated that the promised investment of $33,000 was insufficient and that the positive economic impact would be \u201cnegligible\u201d.<\/span><\/p>\n<p class=\"\"><span class=\"\">\u201cUnless the applicant is prepared to provide a reasonable commitment on employment, charitable contributions, and investment, I will not approve its application for an extension of benefits,\u201d Mr. Mapp concluded.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Governor Kenneth Mapp has returned two agreements for tax benefits to the Economic Development Authority (E.D.A.) for further \u201creview and reconsideration,&#8221; a press release Government House issued on Friday has made known. By law, the governor has final approval over all applications for tax exemptions granted by the authority. New applicant Amalie Global, a financial [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":35048,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[228,3,191,2474,147],"tags":[4524,1936,4525,4526],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mapp Refuses E.D.A. Tax Benefits To Valance, A Company Owned By Warren Mosler - V.I. Consortium<\/title>\n<meta name=\"description\" content=\"Find Virgin Islands new, opinion, politics, lifestyle, business and more\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/wp.viconsortium.com\/?p=35047\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ernice Gilbert\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"http:\/\/wp.viconsortium.com\/?p=35047\",\"url\":\"http:\/\/wp.viconsortium.com\/?p=35047\",\"name\":\"Mapp Refuses E.D.A. Tax Benefits To Valance, A Company Owned By Warren Mosler - V.I. Consortium\",\"isPartOf\":{\"@id\":\"http:\/\/wp.viconsortium.com\/#website\"},\"datePublished\":\"2016-02-12T22:16:34+00:00\",\"dateModified\":\"2016-02-12T22:36:05+00:00\",\"author\":{\"@id\":\"http:\/\/wp.viconsortium.com\/#\/schema\/person\/d227a4a2478d096447391f7d05afcb51\"},\"description\":\"Find Virgin Islands new, opinion, politics, lifestyle, business and more\",\"breadcrumb\":{\"@id\":\"http:\/\/wp.viconsortium.com\/?p=35047#breadcrumb\"},\"inLanguage\":\"en\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"http:\/\/wp.viconsortium.com\/?p=35047\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"http:\/\/wp.viconsortium.com\/?p=35047#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"http:\/\/wp.viconsortium.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Mapp Refuses E.D.A. Tax Benefits To Valance, A Company Owned By Warren Mosler\"}]},{\"@type\":\"WebSite\",\"@id\":\"http:\/\/wp.viconsortium.com\/#website\",\"url\":\"http:\/\/wp.viconsortium.com\/\",\"name\":\"V.I. Consortium\",\"description\":\"Uniting the Caribbean\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"http:\/\/wp.viconsortium.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en\"},{\"@type\":\"Person\",\"@id\":\"http:\/\/wp.viconsortium.com\/#\/schema\/person\/d227a4a2478d096447391f7d05afcb51\",\"name\":\"Ernice Gilbert\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en\",\"@id\":\"http:\/\/wp.viconsortium.com\/#\/schema\/person\/image\/\",\"url\":\"http:\/\/2.gravatar.com\/avatar\/50e9900b9c4e146fd5fb7b811fb4a06e?s=96&d=mm&r=g\",\"contentUrl\":\"http:\/\/2.gravatar.com\/avatar\/50e9900b9c4e146fd5fb7b811fb4a06e?s=96&d=mm&r=g\",\"caption\":\"Ernice Gilbert\"},\"description\":\"I wear many hats, I suppose, but the one which fits me best would be journalism, second to that would be radio personality, thirdly singer\/songwriter and down the line. I've been the Editor-In-Chief at my videogames website, Gamesthirst, for over 5 years, writing over 7,000 articles and more than 2 million words. I'm also very passionate about where I live, the United States Virgin Islands, and I'm intent on making it a better place by being resourceful and keeping our leaders honest. VI Consortium was birthed out of said desire, hopefully my efforts bear fruit. Reach me at ernice@viconsortium.com.\",\"sameAs\":[\"http:\/\/ernicegilbert.com\/\"],\"url\":\"http:\/\/wp.viconsortium.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Mapp Refuses E.D.A. Tax Benefits To Valance, A Company Owned By Warren Mosler - V.I. Consortium","description":"Find Virgin Islands new, opinion, politics, lifestyle, business and more","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"http:\/\/wp.viconsortium.com\/?p=35047","twitter_misc":{"Written by":"Ernice Gilbert","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"http:\/\/wp.viconsortium.com\/?p=35047","url":"http:\/\/wp.viconsortium.com\/?p=35047","name":"Mapp Refuses E.D.A. Tax Benefits To Valance, A Company Owned By Warren Mosler - V.I. Consortium","isPartOf":{"@id":"http:\/\/wp.viconsortium.com\/#website"},"datePublished":"2016-02-12T22:16:34+00:00","dateModified":"2016-02-12T22:36:05+00:00","author":{"@id":"http:\/\/wp.viconsortium.com\/#\/schema\/person\/d227a4a2478d096447391f7d05afcb51"},"description":"Find Virgin Islands new, opinion, politics, lifestyle, business and more","breadcrumb":{"@id":"http:\/\/wp.viconsortium.com\/?p=35047#breadcrumb"},"inLanguage":"en","potentialAction":[{"@type":"ReadAction","target":["http:\/\/wp.viconsortium.com\/?p=35047"]}]},{"@type":"BreadcrumbList","@id":"http:\/\/wp.viconsortium.com\/?p=35047#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"http:\/\/wp.viconsortium.com\/"},{"@type":"ListItem","position":2,"name":"Mapp Refuses E.D.A. Tax Benefits To Valance, A Company Owned By Warren Mosler"}]},{"@type":"WebSite","@id":"http:\/\/wp.viconsortium.com\/#website","url":"http:\/\/wp.viconsortium.com\/","name":"V.I. Consortium","description":"Uniting the Caribbean","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"http:\/\/wp.viconsortium.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en"},{"@type":"Person","@id":"http:\/\/wp.viconsortium.com\/#\/schema\/person\/d227a4a2478d096447391f7d05afcb51","name":"Ernice Gilbert","image":{"@type":"ImageObject","inLanguage":"en","@id":"http:\/\/wp.viconsortium.com\/#\/schema\/person\/image\/","url":"http:\/\/2.gravatar.com\/avatar\/50e9900b9c4e146fd5fb7b811fb4a06e?s=96&d=mm&r=g","contentUrl":"http:\/\/2.gravatar.com\/avatar\/50e9900b9c4e146fd5fb7b811fb4a06e?s=96&d=mm&r=g","caption":"Ernice Gilbert"},"description":"I wear many hats, I suppose, but the one which fits me best would be journalism, second to that would be radio personality, thirdly singer\/songwriter and down the line. I've been the Editor-In-Chief at my videogames website, Gamesthirst, for over 5 years, writing over 7,000 articles and more than 2 million words. I'm also very passionate about where I live, the United States Virgin Islands, and I'm intent on making it a better place by being resourceful and keeping our leaders honest. VI Consortium was birthed out of said desire, hopefully my efforts bear fruit. Reach me at ernice@viconsortium.com.","sameAs":["http:\/\/ernicegilbert.com\/"],"url":"http:\/\/wp.viconsortium.com\/?author=1"}]}},"_links":{"self":[{"href":"http:\/\/wp.viconsortium.com\/index.php?rest_route=\/wp\/v2\/posts\/35047"}],"collection":[{"href":"http:\/\/wp.viconsortium.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/wp.viconsortium.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/wp.viconsortium.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/wp.viconsortium.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=35047"}],"version-history":[{"count":0,"href":"http:\/\/wp.viconsortium.com\/index.php?rest_route=\/wp\/v2\/posts\/35047\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/wp.viconsortium.com\/index.php?rest_route=\/wp\/v2\/media\/35048"}],"wp:attachment":[{"href":"http:\/\/wp.viconsortium.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=35047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/wp.viconsortium.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=35047"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/wp.viconsortium.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=35047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}