{"id":36297,"date":"2016-03-11T22:37:11","date_gmt":"2016-03-11T22:37:11","guid":{"rendered":"https:\/\/viconsortium.com\/?p=36297"},"modified":"2016-03-11T22:38:42","modified_gmt":"2016-03-11T22:38:42","slug":"mapp-rejects-tax-benefits-for-st-thomas-zipline-company","status":"publish","type":"post","link":"http:\/\/wp.viconsortium.com\/?p=36297","title":{"rendered":"Mapp Rejects St. Thomas Zipline Company\u2019s E.D.C. Tax Benefits Request"},"content":{"rendered":"<p class=\"\"><span class=\"\">ST. THOMAS &#8212; Saying that the territory\u2019s tax benefit program was created in order to encourage new investment, Governor Kenneth Mapp has rejected an application from a company that offers zipline tours on this island, a press release Government House issued on Friday has made known.<\/span><\/p>\n<p class=\"\"><span class=\"\"><span class=\"\"><span class=\"\">Tree Limin\u2019 Extreme had requested a 100 percent exemption on gross receipts, excise and property taxes, a 90 percent exemption on income taxes and a partial exemption on dividends.<\/span><\/span><\/span><\/p>\n<p class=\"\"><span class=\"\"><span class=\"\"><span class=\"\">\u201cThe decision of whether to grant E.D.C. benefits must be balanced against the territory\u2019s need to grow its private sector revenue base, its need to generate long-term and sustainable investments, and to create opportunities for professional growth of the territory\u2019s residents,\u201d Mr. Mapp wrote in his letter to Economic Development Authority (E.D.A.) Director Wayne Biggs.\u00a0<\/span><\/span><\/span><span class=\"\"><span class=\"\"><span class=\"\">\u201cMoreover, it is not in the government\u2019s best interest that it removes a taxpaying entity from the current tax rolls.\u201d<\/span><\/span><\/span><\/p>\n<p class=\"\"><span class=\"\"><span class=\"\"><span class=\"\">According to the release, the governor also requested that the E.D.A. Board reconsider the application for Impact Technologies as it was unclear from the information provided how much the Virgin Islands Government would forgo in taxes, what Impact Technologies\u2019 business purpose in the territory will be and how its inclusion in the E.D.A. program will benefit the people of the Virgin Islands.<\/span><\/span><\/span><\/p>\n<p class=\"\">\n<p class=\"\"><em>Feature Image:\u00a0Tree Limin\u2019 Extreme, St. Thomas.<\/em><\/p>\n<p class=\"\"><em>Image Credit: <span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"http:\/\/www.carnival.com\/\" target=\"_blank\">Carnival Cruises<\/a><\/span>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ST. THOMAS &#8212; Saying that the territory\u2019s tax benefit program was created in order to encourage new investment, Governor Kenneth Mapp has rejected an application from a company that offers zipline tours on this island, a press release Government House issued on Friday has made known. Tree Limin\u2019 Extreme had requested a 100 percent exemption [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":36298,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3,191,147],"tags":[1883,4716,4721],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mapp Rejects St. Thomas Zipline Company\u2019s E.D.C. Tax Benefits Request - V.I. 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